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- But first, let me level-set everyone on what I mean by INNOVATION…. There literally are 100s of definitions. But this is the definition we use, which is from the National Innovation Initiative that IBM is spearheading with the Council on Competitiveness in the United States. The objective of the initiative is to forge a national innovation strategy to better compete in this globalized economy.“Innovation resides at the intersection of invention and insight – leading to the creation of social and economic VALUE.” The word VALUE is the operative word here. What is important is that innovation does NOT have to be a BIG, NEW thought. Innovation is not the same as invention. It’s about the APPLICATION of invention – the FUSION of new developments and new approaches to solve problems. We live in a dynamic, fast-paced global economy in which the very nature of innovation itself – and how it is applied -- has changed. Innovation happens a lot faster now, and it diffuses much more rapidly into our everyday lives. It is more open and collaborative -- spanning multiple disciplines, industries and the public and private sectors. And of course, it is absolutely GLOBAL in nature.Source: IBM
- One other thing from the CEO study I want to share with you. In IBM’s CEO study, over 75% of respondents said collaboration and partnering are very important to innovation – no surprise here. They ranked their employees at the top of the list – again, no surprise. What did come as a surprise was that business partners came in a close second and customers a close third as the top sources for innovation – with traditional sources like internal R&D at the bottom of the list. It is evident that more and more, CEOs are looking outside the organization for breakthrough thinking. External sources were not only prevalent in the ranking of CEOs’ most significant sources of ideas -- they also comprised a substantial portion of the overall quantity of ideas. CEOs also described unexpected benefits from collaboration and partnering. The top benefits were reduced costs, higher quality and customer satisfaction, better access to skills and products and increased revenue. One CEO remarked that they could “command greater customer loyalty” because of collaborative innovations that resulted in “higher revenues and lower risks.”There also is a financial benefit. Companies that collaborated outperformed the competition in both revenue growth and average operating margin (over a five-year period). IBM’s comparison of financial performance also found that companies with higher revenue growth (over a five-year period) reported using external sources significantly more than companies that collaborated with external sources less frequently.Source: IBM
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Innovation in Financial Institutions: a World Tour
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