For business leaders, few things are more critical to their overall success than nurturing and maintaining a culture of innovation. According to McKinsey’s latest Global Innovation Survey, while more than 80% of executives agree that innovation is an important aspect of their growth strategy, only 6% are anywhere near satisfied with innovation performance. That’s an enormous gap; one that’s become even harder to bridge following the events of the past 18 months.
The pandemic has pushed businesses to a technological tipping point, forcing them to accelerate their plans for digital transformation by several years. While this digital quantum leap can be viewed as a benefit, there’s a real risk that too much emphasis has been placed on maintaining day-to-day business operations, with other key performance metrics like innovation taking a back seat. Innovation is perhaps the best metric of future success, but one of the reasons many businesses find it so elusive is that it’s far more than a simple tick box exercise and it’s even harder to track and measure.
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