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| Innovation top priority for corporate growth: McKinsey |
| Press Trust of India / New Delhi Aug 31, 2010, 20:05 IST |
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With the international financial crisis on the wane, corporate across the globe are banking on innovation to bolster their businesses, says a survey by global consultancy firm McKinsey said.
Around 84 per cent of the over 2,000 executives surveyed globally said innovation is "extremely" or "very important" to their companies' growth strategy, the survey revealed.
The results also show that the approach companies use to generate good ideas and turn them into products and services has changed little since pre-crisis.
Many of the challenges such as, finding right talent, encouraging collaboration & risk-taking, organising innovation process from beginning to end, are remarkably consistent.
The online survey, conducted in July, generated responses from 2,240 executives around the world, representing the full range of industries, regions, functional specialties and seniority.
Meanwhile, 80 per cent of executives at companies seeking growth in their core business said that innovation is extremely important, compared to 91 per cent of those at companies still in the early stages of expansion.
Looking ahead, executives at companies, which set formal priorities for innovation rate, are likely to see higher overall success than others, the report stated.
However, organisational factors, including innovation-specific processes and links to support functions, remain a challenge.
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