GE has recently released its 2014 Global Innovation Barometer, a study that identifies drivers and deterrents of innovation and also explores the perception around innovation of approximately 3000 business leaders across 25 Countries.
According to two-thirds of the executives interviewed (64%), disruption is the new trend: it is now essential to prompt creative behaviours in order to disrupt older business processes and innovate effectively. Managers are now working to make their business models more “disruption ready”, even though only a third of them are willing to risk negative impact on their primary revenue stream for the sake of innovating.
According to the study, there are some forces which are shaping the way today’s executives approach innovation.
- On the one hand, collaboration (especially the one among companies) is seen as a key to success; 77% of executives say the risks associated with collaboration are definitely worthwhile (last year only 38% of them were eager to increase collaboration). Organisational boundaries are becoming blurred and we are witnessing the rise of a “global brain” as improvements in technology are making communications easier.
- On the other hand, 70% of respondents believe big data should be front-of-mind in order to increase business efficiency. In fact, countries that have the highest access to technology are perceived as the most innovative.
- Finally, the industrial internet, which is the practice of merging machines with intelligent data, appears as the emergent concept. Half of executives agree industrial internet will drive innovation in the next years, but so far only a quarter said they have implemented it.
The GE reports makes it clear, disruption is the new mantra and technology is the way to achieve it. It’s an ongoing trend which will heavily influence the future of organisations and the way they do business. Collaboration outside corporate boundaries, as well, is just at the beginning.
Learn how an idea management platform can help your company deal with big data while fostering collaboration both within and outside your community.