Smart digital tools and a modern IT platform are crucial to innovation, but the best tech strategy on the planet won’t deliver innovation without the right people, processes, and structures. A recent ThoughtLab and ServiceNow survey of 1,000 executives explores what leaders are doing to build competitive advantage in innovation.
People, motivated and equipped with the right tools and skills, are the secret sauce. The survey highlights leaders from across Europe (16%), Asia-Pacific (19%), and North America (20%), and from companies with revenues ranging from $350 million to $999 million (20%), $1 billion to $4.99 billion (19%), and $5 billion and more (27%).
- Leaders involve more stakeholders in creating an innovation culture than others
- Not every stakeholder carries the same weight
- Senior management and board members are heavily involved
- Leaders anticipate more difficulties than others in creating an innovation culture
- People and structure are the biggest challenges to solve for, more so than tech and processes
- Lack of data management systems and tools is a persistent hurdle in innovation
- Leaders see more (and different) benefits
- Improved customer satisfaction is viewed as the top benefit of increased innovation
- Intermediates and beginners reported greater revenue/sales as the top benefit
Leaders in innovation are often those with the ability to spend. Costs are among the top-cited challenges across maturity levels.
- Leaders understand that building an innovation culture takes much more than big bets on technology
- Sharing clear vision and objectives builds support and buy-in
- Leaders keep innovation on track with accountability
