In a companion paper to our annual global innovation survey, this report explores the impact innovation has on growth and looks at why manufacturing executives should take a fresh approach to their innovation strategy.
To find the answers we surveyed 249 industrial manufacturing executives from 20 countries. The results showed in the last three years the most innovative manufacturing companies managed a 38% increase in revenues – nearly four times that of the least innovative companies in the sector. Our respondents also indicated that innovation is replacing global expansion as the top driver for growth, while more than half believe it’s a competitive necessity for future success.
In Rethinking innovation in industrial manufacturing we explore the options for establishing a balanced innovation portfolio and how to broaden innovation beyond products. We also discuss strategies for measuring innovation success, enhancing collaborations, and developing a strong culture to attract and motivate the right talent.