A global shift is on. Executives are overwhelmingly embracing the idea that their companies must become “disruption ready” to remain competitive, according to the 2014 GE Global Innovation Barometer, which was unveiled today.
This represents a shift from last year’s findings, which revealed high levels of anxiety among executives who fell into a kind of innovation paralysis, uncertain on how to move forward.
The annual survey gauges the appetite of executives on their willingness to act on and perception of innovation across several different areas. This year’s results, which queried more than 3,200 officials in 26 countries, found:
- More business leaders embracing the benefits of collaboration, despite risks to IP, talent poaching
- Access to talent and skills an increasingly critical issue, but only one-third feel positive about ability to attract and retain top talent
- Only one in four executives prepared to harness big data
- U.S., Germany and Japan considered top innovation champions
Despite the willingness to move forward, some 60 percent of those surveyed said they struggle with defining an effective business model, which is killing their ability to innovate. But that hasn’t stopped momentum from building. Many are moving ahead by adopting emerging innovation trends to prepare for and adapt to unexpected market changes, the survey indicates.
“This year’s Barometer shows how executives are moving from anxiety to action,” said Beth Comstock, senior vice president and chief marketing officer of GE. “To make their business ‘disruption ready,’ leaders know they must have the agility of a startup, analytical talent to harness insights of Big Data and partners who can help improve and advance ideas.
The report also outlines several challenges to innovation, including:
- Access to and ability to retain talent with the necessary skills
- Internal inertia
- Inconsistent policy frameworks
- Finding the balance between protecting existing revenue and profitability sources while investing in new models.
Click here for an in-depth look at the 2014 GE Global Innovation Barometer.