Studio Graphene has commissioned a new survey among more than 750 senior decision-makers within UK organisations to discover the way they approach and think about innovation. It found:
71 per cent of organisations report to have budgets and resources dedicated to innovation – this rises to 86 per cent among large businesses (250+ employees)
56 per cent have a team or department dedicated to innovation, and 75 per cent meet more than once a month to discuss innovation
- 56 per cent have a team or department dedicated to innovation, and 75 per cent meet more than once a month to discuss innovation
However, half (50 per cent) consider rivals to be more innovative than they are; the figure jumps to 71 per cent among large businesses
62 per cent complain there are too many steps to go through for new ideas to translate into action – this is particularly prevalent in large businesses (87 per cent)
45 per cent believe their organisation is too risk-averse to embrace new technologies for the sake of innovation, with the number rising to 70 per cent among 250-plus-employee organisations
- 51 per cent of decision-makers – and 71 per cent of those in large companies – say they are too busy to think creatively or pursue opportunities for innovation
Elsewhere, the study revealed that over a third (37 per cent) of organisations have tried and failed to implement a new technology in the past year – this was more common in the public sector than the private sector (45 per cent, versus 35 per cent). Half (50 per cent) say Brexit has hampered innovation in their organisation – this view is more common in large businesses (68 per cent) and in the public sector (58 per cent, versus 48 per cent).
Ritam Gandhi, founder and director of Studio Graphene, said: “Innovation is one of the most used buzzwords in business – that’s because almost every organisation is, essentially, seeking new ways to improve what they do and how they do it. Unfortunately, for large businesses, our research shows that they are facing more pronounced challenges in their pursuit of innovation.
“Having budgets and personnel dedicated to innovation is one thing, but if the processes for creating and implementing new ideas are not in place, then employees’ creative thinking is likely to get lost in a web of red tape and rejected by risk-averse managers.
“Companies, particularly large ones, must change their mindsets. They must create new structures to fast-track exciting ideas, and they must be ready to fail along the way, because the long-term benefits of unearthing a great area for innovation will typically outweigh the odd unsuccessful project.”
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