15 Mind-Blowing Stats About Innovation

Destination: innovation. Just like any address you plug into your favourite mapping app, many routes can take you there. And you’ll likely find yourself merging on and off multiple roads for the smoothest trip possible.

In other words, the road to innovation is rarely one straight path. And yes, lightbulb moments happen, be it during a creative brainstorming session, from data analysis unveiling a clear opportunity or even when we’re not trying to be creative—say, in the shower or during a run.

However it strikes, innovation requires the right strategy, investment, leadership and stomach for risk. Here’s how organisations are faring on all of those fronts.

1. Eighty-one per cent of respondents at digitally mature companies cite innovation as a strength of their organisations, compared with 36% from developing outfits and only 10% from early-stage companies. (Source: MIT Sloan Management Review and Deloitte)
2. Top drivers for innovation today include enhancing customer experience (53%), driving revenue growth (53%) and developing new products and services (45%). (Source: Gartner)
3. More than one-quarter of C-level executives surveyed, said they have a designated innovation leader, such as a chief innovation officer, in place at their organisation. 42% say they will create such a role to foster innovation. (Source: EY)
4. Sixty-five per cent of high-growth companies plan to collaborate with customers during the innovation process, compared to 54% of other companies. (Source: Accenture)
5. Eighty-six per cent of respondents from digitally maturing companies say that 10% or more of their time at work involves the opportunity to experiment or innovate. (Source: MIT Sloan Management Review and Deloitte)
6. Ninety-one per cent of marketers surveyed are leading and supporting innovation initiatives. Sixty-two per cent say they are solely responsible for such initiatives. (Source: Gartner)
7. Sixty-two per cent of high-growth companies plan to invest in technologies that lead to higher rates of innovation, compared to 54% of other companies. (Source: Accenture)
8. Nearly three in four global executives believe a lack of skills is an issue facing their industry. And 64% say this problem is restricting their ability to innovate—a challenge that has increased over time. (Source: GE)
9. Marketers said their biggest barriers to innovations are risk resistance (46%), inability to measure impact (41%) and talent shortages (41%). (Source: Gartner)
10. Eighty per cent of respondents from digitally mature companies say their organisations cultivate partnerships with other organisations to facilitate digital innovation. Internally, 83% depend on cross-functional teams to advance their innovation efforts. (Source: MIT Sloan Management Review and Deloitte)
11. In a survey of more than 2,500 senior innovation leaders, more than 30% expect AI to be among the areas of innovation with the highest impact on their businesses in the next three to five years. And almost 30% are actively targeting AI in their innovation programmes. (Source: Business Consulting Group)
12. Seventy-nine per cent of C-suite executives say their organisations are tolerant of failure-often a key element of the innovation process. To further engage employees in innovation, respondents report that their companies provide incentives for innovative accomplishments (44%), support for external workshops or trainings (43%) and offer special innovation-focused events, like hackathons (42%). (Source: EY)
13. By 2022, as innovation becomes synonymous with disruption, 40% of CIOs will co-lead innovation in their organisations. (Source: IDC)
14. In a survey of more than 800 UK business leaders, two-thirds said innovation was important to their organisations’ success. (Source: PA Consulting)
15. However, only one-third of the UK business leaders said they were innovating successfully enough to generate revenue or measurable growth; only a quarter of boards of directors make innovation a priority and 40% of leaders reject disruptive ideas because of a fear of failure. (Source: PA Consulting)

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