Master Class: Fresh Benchmarking Data on Corporate Innovation

February 21, 2023

To provide an overview of some of the key datapoints from our new Benchmarking Innovation Impact 2023 report, we brought together Cliff Justice and Nicole Lord of KPMG, the report’s sponsor, and Scott Kirsner of InnoLead.

The webcast touched on data related to:

• Reporting structure and staffing

• Budget expectations for 2023

• The most important factors for attracting additional staff and funding

• How companies, including KPMG, are using physical innovation centers

• Innovation challenges and enablers

• Growth in incremental and adjacent innovation activity, and a decrease in transformational projects.

“When there’s talk about a recession…the first place people go is optimization,” said Justice, referring to survey respondents’ likely mindset in Q4 2022, when the survey was fielded. “[They] start looking at how to protect the core business, and invest more in technologies and changes that will optimize the core business. These are probably artifacts that you’re seeing from those concerns.”

On the use of physical innovation spaces at KPMG, Lord said, “We continue to use our spaces and we continue to collaborate in them… We’re looking into different technologies that will allow us to interact with our clients in virtual reality, but also using our classic hybrid types of meetings, like Zoom or Teams. We still need to make those investments, because our clients don’t necessarily want to be in person all the time. They want to interact virtually or remotely.” Lord added, “We have six Ignition or collaboration spaces across the country. We just opened our last space, in Washington, D.C., less than a year ago. …I think we all recognize that when we are in person for a purpose, like innovation, that yields some very rewarding outcomes…”

The slides from the webcast are available for download below.

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