The pressure on companies to innovate and adapt in a constantly changing marketplace is incessant. Extending beyond new product development and placing bets on high-risk ideas, business innovation is the solution that helps companies achieve a competitive advantage in the marketplace as well as significant revenue gains. With one condition: it must be done right.
More than half (55%) of the business leaders surveyed by Accenture don’t seek innovation opportunities, while an even higher percentage (66%) doesn’t have well-defined innovation strategies in place. What’s stopping them, according to research from Forrester, are resource constraints, budget constraints and lack of structured innovative procedures. Unable to channel innovation into a meaningful reality, they remain stagnant.
This infographic by Mindjet examines why innovation is crucial for business survival and lists the practical steps to infuse a culture of innovation within the company. Here’s the complete look:
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