by Braden Kelley
Recently I had the opportunity to get a preview of InnoLead’s latest research report sponsored by KPMG. The report is now available to members, and I would be really interested to hear your thoughts on its findings:
Benchmarking Innovation Impact 2023
Please let me know where you agree and where you disagree by sounding off in the comments below or over on Twitter (@innovate).
Here are some of my key takeaways after rifling through the report:
1. A shift from transformational innovation to incremental innovation
There are several comparisons of data gathered for this report to data gathered for a previous edition in 2020. One might think that perhaps between 2020 much of the low hanging innovation fruit might have been picked and that companies might be shifting more of their innovation attention towards transformational/radical/disruptive innovation, but the report shows that the opposite is true. Check out the interactive chart here:
The data shows that between 2020 and 2023 respondents have shifted their mix of incremental, adjacent and transformational innovation away from transformational innovation and towards incremental and adjacent.
Some of other areas that you will find in the report include:
- Team Characteristics
- Budget & Resources
- Collaboration & Spaces
- Focus & Activities
- Challenges & Enablers
2. The Greatest Innovation Challenges are somewhat predictable
Both of these embedded graphics have tabs that you can click back and forth between to compare the two data sets. In this case we’re comparing large and medium size organizations versus small organizations. There are few surprises here, other than the fact that politics/turf war/alignment and lack of budget are top of the list for organizations of all sizes.
3. Five Other Key Observations From Elsewhere in the Report
- The vast majority of innovation work does not happen in person
- Most innovation teams consist of people that could be counted on one or two hands
- Most innovation budgets are set annually – reducing the ability of organizations to respond to new insights and technologies quickly
- Organizations are more likely to engage in innovation training and internal idea challenges than running an innovation lab or working with accelerators
- Leadership support continues to be the top enabler for innovation success
All of the detail, and many more insights live within the pages of the Benchmarking Innovation Impact 2023 report.
For those of you who have already read the report, where did you agree and where did you disagree with the findings?
And for those of you who haven’t had a look at it, you can download the report on the linked name above.
Image credit: Pixabay
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