Only a small number of companies are known for continually producing fresh thinking, and fewer still engage multiple business divisions from within the company to develop innovative ideas, according to a new study conducted by the Economist Intelligence Unit for Oracle.
For instance, only 19% of surveyed senior executives worldwide say their information technology (IT) teams are involved in bringing innovative ideas to market.
Senior executives are far more likely to cite product development (47%), marketing (45%), and research and development (44%) as the teams involved in bringing innovative ideas to market.
One in four (25%) senior executives say sales teams are involved in cultivating innovation within the organization, while 24% say customer service teams are involved in such efforts.
Below, additional findings from the study titled "Cultivating Business-led Innovation," (PDF) conducted by The Economist Intelligence Unit for Oracle.
IT's Role in Business-Led Innovation
IT departments tend to play a supporting role in business-led innovation. Senior executives cite the following as the most important roles performed by IT to cultivate innovation:
- Supplying technologies (e.g., mobile, cloud computing) that foster the innovation process: 51%
- Enabling business units to adapt to processes rapidly: 39%
- Implementing and maintaining new business ideas related to business processes: 28%
- Educating business leaders on new technology trends: 19%
- Identifying pockets of innovation in the enterprise: 11%
- IT has no role in business innovation: 13%
Harnessing Technology for Innovation