By: How Innovation Stacks Up Around the World
Innovation's Time to Market
64% of surveyed U.S. organizations take up to six months to bring new products to market; only 38% of British and 47% of German organizations do so.
U.S. Intention to Innovate
All U.S. respondents said they expect to innovate this year, as follows: Products and services (59%), IT and technology systems (49%), Customer service (41%)
European Intention to Innovate
European priorities for innovation differ from U.S. companies' as follows: Products and services (41%), IT and technology systems (61%), Customer service (31%)
History of Innovation
50% of U.S. organizations have developed an innovative product, service or function to enhance an existing service within the last six months. 46% of European companies have done the same.
Budget Barrier Less in U.S.
41% of U.S. organizations site budget constraints as a barrier to innovation, whereas 49% of European companies do.
U.K. Leads Big Data Strategies
76% of respondents in the U.K. have a big data strategy underway, are in the early stages of developing one, or think their big data strategy has been or will be successful.
Concerns About Big Data
60% of respondents said their organization has either implemented a big data strategy or is in the early stages of doing so. But 29% are unsure how to implement it.
Concerns About IT Failures
31% of respondents are very concerned about the impact of an IT failure on their business. 52% are slightly concerned. 14% are not very concerned.
Lack of IT Investment
Worldwide, 33% of business development managers (BDMs) think the failure to innovate and keep up with evolving technological change in the next five years will have the biggest negative impact on their company's business.
Revenue and Customer Reduction Expected
79% of BDM's expect a decline in revenue, 80% forecast reduction in number of customers, and 73% expect international operations to decline.
Biggest Barriers to Innovation
96% of respondents said there are barriers to innovation in their company. The biggest ones are budget constraints (47%) and a dearth of knowledge and skills (35%)
