Companies to adopt innovation as top priority
By siliconindia   |   Friday, 27 August 2010, 15:43 IST   |    1 Comments
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Companies to adopt innovation as top priority
Bangalore: Companies are again determined to put the growth rate on track and this calls for considering innovation as a top priority. Besides innovation, spotting the right talent and managing them, collaboration, risk taking and organizing the innovation process till the end are some of the major challenges. According to survey carried out by McKinsey, 84 percent of executives feel that innovation is very essential for the growth of the company. Surveys in the past had revealed that, the main obstacles to successful innovation have not changed and companies have not done much to overcome these obstacles. Opinion in the tech industry is slightly different. 68 percent of the total executives say their companies are seeking organic growth through new products or services or new customers in existing markets than pursuing growth through new markets or M&A. Though innovation is considered to be a high priority, only 34 percent say their business leaders are effectively held accountable. Companies can achieve success by formalizing certain processes for establishing priorities and commercializing products. Integration of innovation in the strategic planning efforts of the company is very important.

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