83% Rank Innovation High, Only 3% Ready

 


Version 1: Companies are placing a greater emphasis on innovation than ever before, yet they are ill-prepared to turn their aspirations into reality. According to a recent report by Boston Consulting Group (BCG), a staggering 83% of senior executives now consider innovation to be one of their organization's top three priorities. However, the report reveals that only 3% of companies in 2024 can be classified as "innovation ready," a significant decline from the 20% reported in 2022.


BCG's 18th annual innovation study, titled "Innovation Systems Need a Reboot," evaluated companies' innovation maturity using a 100-point scale and surveyed over 1,000 senior innovation executives worldwide.


Among the surveyed executives, less than half (48%) believed that their organizations made some effort to align their business and innovation strategies, and only 12% reported strong connections between the two that resulted in tangible impact. Despite this, the level of innovation activity, measured by the number of active projects, has remained consistent.


"We are witnessing a concerning situation where organizations are merely going through the motions of innovation without a clear strategy to guide their efforts," commented Justin Manly, a BCG managing director, partner, and coauthor of the report. "To regain momentum, it is crucial to strengthen the link between innovation strategy and business strategy."


More Information : https://www.techdogs.com/tech-news/pr-newswire/83-of-companies-rank-innovation-as-a-top-three-priority-yet-just-3-are-ready-to-deliver-on-those-innovation-goals

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