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Companies Make Innovation a Priority for Growth in Aftermath of Downturn But Management Shortcomings Hinder Results, Accenture Research Finds.

Publication: Business Wire
Publication Date: 10-NOV-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
-- Three Studies Uncover Opportunities for Companies to Make Improvements in Management of Innovation Process --

NEW YORK -- Innovation is a top priority for companies seeking to grow in the wake of the economic downturn, but flaws in managing innovation may hinder their progress, according to three studies released today by Accenture (NYSE:ACN).

In one study of more than 630 U.S. and U.K. executives, almost half (48 percent) of those surveyed said their companies had increased funding for innovation in the preceding six months, while one-third (33 percent) said their innovation funding remained the same.

Additionally, nearly nine out of 10 respondents (89 percent) said that innovation is as important, if not more important, than cost reduction to their company's ability to achieve future growth.

However, the studies found several flaws in the corporate management of innovation, including:

* failure to learn from mistakes;

* widespread risk aversion;

* the need for more collaboration; and

* too much emphasis on making incremental improvements.

These are among the key findings that emerged from three studies conducted by Accenture in the first half of 2009. The U.S.-U.K....

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