The 2018 Innovation Study is here.
The results from the 2018 Chase Innovation Study are in, and we would like to share them with you. This is the second edition of our Innovation Study, updated with latest data and insights.
The surveyed organisations represent a broad cross-section of over 100 Australian and international organisations across 17 different industries and sectors including professional services, healthcare, education, manufacturing, and information technology. This year’s research study provides insights into the innovation strategies and techniques of highly innovative organisations. These insights apply to big organisations, small and medium enterprises and start-ups.
Over 50% of the survey respondents are CEOs, business owners and C-Suite executives. Throughout the survey, the top executives at these organisations identify how the most disruptive forces are impacting their industry and sector, their innovation goals, and how they are responding to change and opportunities and moving forward. The study explains why some organisations in every industry and sector are innovating at a much faster pace than their peers, and how they are building organisational capacity to innovate.
Here are some of the highlights from the study.
The Disruptive Forces
What will disrupt your industry or sector?
Organisations are anticipating significant disruptive shifts in their industry and sector over the next 5 to 10 years. Automation and artificial intelligence, empowered customers, and vertical integration and collapsing supply chains are anticipated to be major disruptive forces over the next 5 to 10 years.
As a result, these disruptive shifts are creating opportunities for innovation. How do organisations plan and respond to this change, how do they build their organisational capacity, and grab the opportunity for innovation?
Top Three Strategic Innovation Goals for Organisations in 2018
How are organisations strategically responding, as the waves of disruption sweep through their industry and sector?
The top three Strategic Innovation Goals are:
1. Improving the customer experience
2. Developing new products and services
3. Building competitive advantage in the existing business
There is a segment of organisations that have some very clear differences in their innovation strategy and capabilities and the benefits they have realised. These organisations are the innovators and disruptors in their industry or sector.
These innovators are investing nearly five times more than their peers. These highly innovative organisations have greater innovation capability compared to their low-innovation peers, they have a significant advantage when it comes to their people, innovation tools and innovation metrics.
Our 2018 innovation research study provides insights into the innovation strategies and techniques of these highly innovative organisations. These insights apply to big organisations, small and medium enterprises and start-ups.
Effective Innovation Techniques
When it comes to innovation techniques, highly innovative organisations use twice as many innovation techniques compared to their low innovation peers.
What can be learned about how these organisations innovate? The 2018 High Innovations Study explores which techniques organisations use, how much effort they put into each and what are the most impactful techniques that enable them to rapidly progress along their innovation journey and get closer to customers.
For example, high-innovative organisations listed the top five most impactful innovation techniques as opportunity identification and screening, rapid testing and piloting, opportunity evaluation (business case) and design thinking. Market validation, prototyping and developing the minimum viable product, business planning, IP licensing and customer journey mapping also complete the top 10.
Organisations need to drive innovation as the waves of disruption sweep through their industry and sector. To grab these opportunities, organisations need to optimise their innovation capabilities in the important areas of strategy, people, process and culture.
The specific innovation approach, whether it is incremental innovation or transformative innovation; and the mix of innovation techniques needs to be carefully selected on where the industry or sector is playing at, where the competition is, and where the timing of the opportunities lies.
Our 2018 innovation research study provides insights into the innovation strategies and techniques of highly innovative organisations. These insights apply to big organisations, small and medium enterprises and start-ups.
Innovation Benchmarks – these benchmarks developed from our research provides organisations with confirmation of capability gaps compared to leading innovators. It identifies the strongest and weakest innovation areas, and the improvement opportunities to develop innovation capability and how to accelerate along the innovation journey.
Ready to accelerate your innovation? Chase offers a complimentary 30-minute discussion to help organisations accelerate.
How Chase Can Help
Chase helps clients build their innovation capabilities and maximise the impacts from their innovation investments. We help our clients look at the future differently from various perspectives, helping them to innovate and transform themselves