11 INNOVATION
SPENDS & TRENDS REPORT
OPPORTUNITIES
What are the biggest opportunities within the Innovation function, in your opinion?
The community feels that the stand alone opportunity is to, “create new and next-gen products/services.” This seemingly leads to the biggest weaknesses. There is continued push from innovation to work on breakthrough innovation, while there is a continuing push from the organization for incremental innovation. This is a historically consistent point of view. The difference is that disruption used to come and go. Disruption is now constant. Thus in the past, the innovation function could adjust in the calm between disruptions, there is now constant pressure to simply iteratively innovate. That said, money is being spent on Innovation strategy, and Business Model Innovation as seen in spend data . That points to a potential desire for breakthrough innovation but for the context of that innovation to come from external voices. Incidentally only 12% feel that, “expanding the company’s partner ecosystem,” is an opportunity. This fact assists the possible investment in consultancies noted on majority of your time spent.
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