Why Organisations Fail With Transformation Despite Investing In Innovation
According to Accenture, leaders are responding to current challenges by increasing innovation investments to the tune of 1.8x over the next five years across their entire portfolio of businesses.
But is spending more on corporate innovation the way forward?
In fact, 57% of businesses that made significant investments in innovation have underperformed against industry peers when it comes to growth or market value.
Very often, transformation and innovation investments are not leveraged wisely because organisations struggle to build the requisite internal capabilities and culture.
Consequently, transformations often fail because organisations struggle to develop, activate and incentivise entrepreneurial talent.
Successful transformation and change require organisations to be able to identify, empower and unleash the potential of their internal talent within an enabling environment while measuring the impact, aligned to their key business goals. Not being able to create the workforce fit for the future spells doom on most innovation efforts.