Business innovation: no matter what industry you’re in, it’s a priority, a critical strategy, a goal, or task #1 on the CEO’s to-do list. There’s good reason for the focus: studies show that innovation leaders outperform competitors 39% of the time, and that their average revenue increases by 23% year over year.
The following business innovation reports cover three core elements that consistently prove important to success: developing an innovative and transparent company culture; the connection between data and innovation opportunities; and finally, emerging business trends that have major impact on enterprise innovation programs.
1. Culturing Success: How Workplace Culture Drives Business Innovation
From our research, we found that 33 percent of SMEs were Leaders, 43 percent were Cruisers and 24 percent were Laggards.
Overall, innovation Leaders perform better than other businesses. For example, 39 percent of Leaders reported revenue growth ahead of their industry, compared with 24 percent of Cruisers and 23 percent of Laggards reporting above average growth.
In addition, Leaders reported stronger performance on factors such as revenue, business efficiency, market share, staff satisfaction and retention, and customer loyalty.
Leaders also make greater use of technology. Compared with Cruisers and Laggards, Leaders are more effectively using technology to pursue innovation that improves business processes and develops new products and services.
This reinforces findings from a recent Boston Consulting Group survey of 4,000 businesses across five economies showing that SMEs that actively used new technologies to improve communications and business processes created more new jobs and drove more revenue gains than SMEs that made little use of technology.”
Cultures that support innovation…
- Are less rigid hierarchies to allow for an easy flow of ideas and open lines of communication
- Embrace the ‘No idea is a bad idea’ philosophy
- Offer flexible working conditions
- Align employee engagement with business vision
- Have systems in place to carry ideas through to realization
- Make a conscious effort to employ creative staff
2. Accelerating Data Innovation: A Legislative Agenda for Congress
From Data Innovation:
“The long-term goal for Congress should be to unlock the benefits of data-driven innovation in every aspect of the economy and society.
While the 114th Congress will face many difficult and divisive policy decisions, a number of opportunities exist to foster data innovation without controversy. These are therefore ripe for bipartisan action.
This report outlines 12 such opportunities. Each represents an actionable recommendation that Congress can realistically accomplish in 2015 to extend the benefits of data innovation to the public, industry or government. This agenda is not intended to be an exhaustive list of everything Congress could possibly accomplish on data issues; rather it is a timely to-do list for policymakers looking to proactively support data-driven innovation. These are specific policy recommendations with clear paths to success. Many have already withstood scrutiny by industry groups, nonprofits, and other stakeholders. And all would generate economic and social improvements, whether by promoting government transparency, reducing inefficiencies in healthcare, empowering consumers, or creating new business opportunities for the private sector.”
This report digs deep into how legislature-driven, accelerated data innovation can have major impact in the future. Topics include:
- Codifying open government data efforts
- Improving financial regulatory data requirements
- Closing the satellite data gap
- Adopting universal patient identifiers for health care
- Addressing the LGBT health data gap
- Prohibiting the use of data on gender and sexual orientation for employment discrimination
- Taking advantage of new data technologies to modernize supply chains
3. A Look Inside the New Trends in Business
From Fast Company:
The very nature of the ecosystem is to change. Deloitte’s report notes that ecosystems are resilient and enduring, but internally characterized by constant flux. While media, software, retail, and others tend to move towards ever more defined customization, others like technology infrastructure absorb smaller players and create large firms that offer resources, information, and platforms for others. The report suggests there is an ecosystem for every kind of business, from the indie to the multinational.
Boundaries are being smashed across sectors. Customers become active participants. Platforms support new products and services. Access to smart people and more resources speed learning and innovation. And the Internet of Things is estimated to grow to include between 26 billion and 75 billion connected objects (excluding smartphones and tablets) in the next five years. The good news is that as boundaries recede, new opportunities emerge.
But opportunities without strategic management aren’t really opportunities at all. Leaders have to navigate a new set of challenges as ecosystems continue to ebb and flow to leverage them.”
- Boundaries are being smashed across sectors
- Customers become active participants
- Platforms support new products and services
- Access to smart people and more resources speed learning and innovation
- The Internet of Things is estimated to grow to include between 26 billion and 75 billion connected objects (excluding smartphones and tablets) in the next five years
- The number of detected cyberattacks has increased by nearly 50% in 2014 to about 120,000 per day
- By 2020, more than 60 million Americans will be contingent workers
- Leaders are becoming increasingly interested in social impact
image credit: microsoft.com
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Arwen Petty is a smart and thoughtful writer, trained editor, content creator/ manager/ marketing strategist, blogger of many topics (with an emphasis in B2B and B2C software), bookworm. Skilled in social media marketing strategy and employee advocacy, with a (generous) side of experience in PR and media outreach.