The Economist Intelligence Unit (EIU) just came out with the results of an Accenture-sponsored survey on innovation and growth strategies. Key findings:
What do you think will be the main drivers of profitable growth at your company over the coming three years?
- Globalisation – allowing their companies to tap new markets and new sources of materials and talent (54%).
- Demand from the marketplace for constant innovation (49%).
What do you think will be the two biggest drivers of innovation at your company over the coming three years?
- Technology advances-including convergence, ERM, biotechnology and automated sales tools (21%).
- Customer demand for better convenience, improved service and more advanced products (19%).
Importantly, few people (6%) believe that management focus or compensation structures are driving innovation at their companies.
Which of the following do you think are significant barriers to innovation at your company?
- Lack of collaboration within the organisation (43%)
- Lack of incentives to find innovative solutions (39%)
- Lack of end-to-end processes for getting an innovation to the marketplace (36%)
But there are differences in perspective among the top-management and middle-management groups, with the latter seeing more barriers to innovation. In particular, non-C-level executives see a greater need for compensation structures that reward innovation and a greater need for end-to-end processes to bring ideas to market. C-level executives express greater confidence in their companies’ abilities in all three stages of growth and innovation.
Does it mean that C-level execs know more because of their macro perspective or does it mean they are not in touch with the ground realities?