Most employers rank the need for greater innovation as a top strategic priority in 2010, according to new research by the Boston Consulting Group (BCG)
The report, titled Innovation 2010: A Return to Prominence—and the Emergence of a New World Order, reveals that 72 per cent of employers considers innovation a top-three priority, compared to 64 per cent in 2009.
The study is based on a global survey of nearly 1,600 senior executives that BCG conducted in partnership with BusinessWeek.
Furthermore, 84 per cent of respondents said their company considers innovation an important or extremely important lever in its ability to reap the benefits of an economic recovery.
BCG’s report also reveals that companies are increasing their innovation spending and that their satisfaction with the return on innovation spending has climbed. However, companies remain somewhat cautious, keeping a close eye on the cost of their innovation activities and raising their emphasis on conservative bets.
BCG senior partner James P. Andrew, lead author of the report, said: “Companies took a defensive stance last year but have recommitted to innovation in 2010, realising its importance to their long-term competitiveness. But they are focused on making sure they earn a return on every dollar invested, which is understandable, given the environment.”
Elsewhere in the study, respondents ranked Apple and Google the two most innovative companies for the fourth straight year.