Benchmarking Innovation Impact 2018
Innovating inside large organizations is not easy. So how do you deliver concrete, tangible impact — over the short-term, medium-term, and long-term?
Innovation Leader and KPMG have collaborated to create the go-to resource on corporate innovation, based on detailed survey data and interviews with senior executives at Whirlpool, Boeing, Johnson & Johnson, Southern Company, General Motors, and more.
Inside, you’ll discover how more than 270 global companies think about innovation funding, staffing, incentives, and metrics. You’ll get the breakdown on how much time and energy they are spending on incremental improvements versus truly transformational, market-changing ideas. You’ll also learn about the top obstacles that corporate innovators encounter, as well as the things they view as key enablers of success.
Whether you are just starting on the journey of creating an innovation program within your organization, or you have one in place that you’re seeking to retool or upgrade, Benchmarking Innovation Impact 2018 is the essential resource.
Here's what you'll find within the 80-page report:
Data From Innovators
Our review of the data from a 2018 survey of 270 corporate innovators — including lots of charts and graphs.
Perspectives from corporate innovators at companies like J&J, Fidelity, and Ericsson about how to deliver impact.
KPMG LLP Insights
Insights from KPMG professionals about what this data might mean for you, and alternative approaches.
Questions & Resources
Questions and resources to justify why an innovation program may be needed, or measuring progress.
And here's what we cover in each section:
CREATING STRATEGIC ALIGNMENT
Who Owns Innovation?
What is innovation without strategy? Strategy without innovation? Our rapidly-changing world necessitates that companies consider both, together. But the realities of organizational politics and competing priorities can derail the best laid plans. What are you doing as a leader to align innovation and strategy? How do you adjust structure and governance to best suit and foster different types of innovation?
- SVP of the Energy Innovation Center, Southern Company
- Chief Information Officer, AmSurg Corp.
- Chief Innovation Officer, Cambia Health
- And more!
The ratio of efforts dedicated to incremental, adjacent, and transformational innovation. The largest companies ($50B in revenue and up) spend even more energy on transformational work: 25 percent.
- Former EVP of Global Innovation, WD-40 Company
- Former VP of Concept Innovation, Starbucks
- Former VP, Nike Innovation Accelerator
- And more!
Nearly 75 percent of respondents said their funding for incremental innovation comes from the business units.
Incentives for Innovation
Most Valuable Tactics
Obstacles to Innovation
Enablers of Innovation
- VP of Innovation, Fortune Brands
- VP of Marketing, Clorox
- Global Head, Johnson & Johnson Innovation
- And more!
The most common way companies measure the impact of their innovation work is revenue generated by new offerings.
What are the most important enablers of innovation?
#1 Leadership Support,
#2 Ability to Test, Learn, Iterate
#3 Correct Team, Employees
50% of companies said they've created recognition or award programs to incentivize employee participation in innovation programs. But 35% don't offer any incentives at all.
Hallmarks of a Mature Program
Advice from the Early Stages of Innovation
Just Launching a Program?
Advice from the Later Stages of Innovation
We asked all respondents to assess the maturity of their innovation programs, and to categorize themselves into one of five maturity stages, from ad hoc to optimized. Nearly 60 percent of companies are in the earliest stages of innovation maturity.
IL Master Class Replay
Crafting a Winning Innovation Strategy Using Data
- How teams can create strategic alignment
- The amount of time teams are spending on incremental, adjacent, and transformational innovation
- How companies are funding innovation (annual budgeting process vs. a separate process)
- The biggest obstacles to innovation and enablers for innovation at large companies
- What metrics teams are using to gauge the impact of their efforts.
KPMG LLP's John Farrell and Innovation Leader's Scott Kirsner both answered questions during the session.
Watch the full 45-minute webcast replay below.
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