Wednesday, December 12, 2007

Booze Allen Hamilton Global Innovation 1000 Survey - 2007 Report Released

Booze Allen Hamilton have released their report for the third Global 1000 Innovation Survey outcomes.

The report confirmed that "as in years past, we found no statistically significant connection between the amount of money a company spent on innovation and its financial performance." High-leverage innovators - "the companies that, compared to other companies in 2006, got a significantly bigger performance bang for their R&D buck" - achieved "better sustained financial performance than their industry peers while spending less on R&D."

The report found that:
When listing the reasons for their success, [high leverage innovators] all mention two key factors. The first is strategic alignment: They work hard to align their innovation strategies closely to overall corporate strategy. The second is customer focus: They all have processes in place to pay close attention to their customers in every phase of the innovation value chain, from idea generation to product development to marketing.
While the report did not focus specifically on company's approaches to Idea Management, Idea Management concepts permeated the report, particularly in relation to "customer focus." High-leverage innovators:
" . . . all have processes in place to pay close attention to their customers in every phase of the innovation value chain, from idea generation to product development to marketing."
Customer focus is a key element in idea generation, particular for organizations following a "need seeking" innovation strategy.

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