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Innovation: What it Takes for Businesses to Excel
GE has recently released their annual Global Innovation Barometer report. This study tries to identify what are the elements that drive innovation in all parts of the world.
Key findings from this year’s GE Innovation Barometer include:
- Disruption Ready – It seems hard to believe, but two-thirds of executives said that they agree with the idea of disrupting their internal processes so that more creative behaviors can be encouraged.
- Collaboration – While many still have concerns about Intellectual Property (IP), 77 percent of executives say that the risks of encouraging collaboration in order to achieve innovation are well worth it.
- Big Data – 70 percent of executives think that Big Data is critical to improving their business efficiency, and of those executives who have undertaken Big Data projects, 69 percent say that the technology has accelerated innovation
- Talent – To be innovative, businesses need to hire smart and talented people. 79 percent say that innovation simply can’t happen without doing that.
- External Framework – The report found that governments can muck up the process of innovation by not properly protecting IP, adding red tape, and not providing incentives to come up with innovations. Governments and businesses should align their efforts to enable greater success.
