Why Low Risk Innovation is Costly

Most organizations have missed a huge opportunity to impact innovation and results. By emphasizing enterprise systems and costs, they have given too little focus on those program systems and process innovations needed to drive meaningful outcomes.

When it comes to information technology initiatives, they have been heavy on moving static “data” to the web and light on the “engagement” of users with that data. In addition, they have paid little attention to the “personalization” of the content they serve up. Reportedly, only 20% of organizations have gone beyond the use of a generic content and adopted a strategy based content personalization and innovative engagement capabilities. As a result, recent information technology and data projects often provide little long-term value.

The vast majority of executives (93 percent) hitch their organizations long-term success to their ability to innovate. Yet, less than one out of five (18 percent) believe they have the capacity within their organizations to maintain an innovation strategy that delivers significantly improved performance results.

– Accenture, Why Low Risk Innovation is Costly, May 2013

Not surprisingly, only 30% of organizations have an active ongoing effort to validate opportunities for technology innovation. At best, many others are forced to attempt to innovate within silos defined by individual programs or business units. Without a holistic approach leveraged across an organization, opportunities are lost. While organizations are aware of their need to develop “clear and deliberate efforts to spur innovation”, most are simply ill-equipped to do so on their own.

For more information on how Patriot Labs managed working groups and executive roundtables deliver innovation that drives success, contact Ron Garnett.