For the second year in a row, InnovationForce is gathering global data from respondents for our 2023 Innovation Trends Report Card. [You can Take the survey here.]
Why should you care? $1.7 trillion is spent on innovation annually yet only 6% of CEOs are satisfied with their company's innovation performance. Fewer than 50% of companies can measure it. Frankly, most organizations are fed up and feel they aren’t getting the return on investment they were anticipating. That sentiment is shared equally among the C-Suite and frontline innovators.
With these frustrations rising, we reflect on last year’s data to address the emerging need in 2023: how to get the most from innovation programs with less.
Collaboration matters, yet we started innovating in silos during Covid. Bringing employees back together will be crucial for generating innovative solutions, but beware - employees won’t buy in without a process. Employees need to know the role they are expected to play in the innovation process, the ground rules of what safe participation looks like and the confidence to share controversial ideas that will move the needle.
Burnout is coming; Time-to-Decision matters. Innovating and avoiding burnout can go hand-in-hand when companies measure “time to decision” in their process and scale the work across a wide range of participants. Breaking down silos and scaling the work of innovation is now possible with process automation platforms like InnovationForce. Organizations can get more out of their innovation programs with fewer resources and data-informed insights so decisions can be made faster. And, more importantly when everyone understands why the decision was made (even if they don’t agree with the decision). Making transparent, rapid decisions will keep participants energized and wanting to work on the next big win!
Your innovation frontline matters. When innovation is carried on the shoulders of internal employees who must inevitably persuade someone in the C-Suite to get an idea through a stage gate, they may become discouraged and disengaged because they feel their ideas aren’t being heard, or won’t matter. Encourage frontline innovation as much as possible. The role of the C-Suite is to set the strategic priorities for the organization, and then to hold the safe place for frontline innovators to have healthy, constructive conflict so that the best idea wins.
If these trends resonate with you, make your voice heard in our 2023 Innovation Trends survey. It takes less than 10 minutes and is entirely anonymous. No personal information will be shared, PLUS for each survey completed, InnovationForce will donate $1 to Girls Who Code.
You can also view the full results of last year's 2022 Trends Report Card.