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The State of Innovation in Today's Companies and the Role of Tech

by Lenna Garibian  |  
November 19, 2012

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

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Lenna Garibian is a MarketingProfs research writer and a marketing consultant in the tech industry, where she develops engaging content that builds thought leadership and revenue opportunities for clients. She's held marketing and research positions at eRPortal Software, GAP Inc., Stanford University, and the IMF. Reach Lenna via Twitter @LennaAnahid and LinkedIn.

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  • by Geet Tue Oct 7, 2014 via web

    Innovation is the application of better results that meet new necessities, incoherent needs, or existing market requirement.Developments in the global economy however, have changed the traditional trading between customer and supplier. With the aid of new communications and computing technology, customers have more vast choices, whilst suppliers have more alternatives in promoting their products.

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