As companies increasingly fund innovation centres, new research shows that their effectiveness may be limited. However, rather than being inherently poor ideas, their failures may well reflect a lack of integration of innovation units with wider organisational outcomes, with key barriers such as culture, vendor engagement and governance holding back their true potential.
Innovation has been a mainstay of the business environment for centuries, offering potential edges, whether in terms of customer engagement, cost reduction or new offerings. Creating the conditions in which innovations happen has become increasingly pressing, as technology enables a whole new operational model for many groups. However, organisations which fail to link their adoption of innovations to concrete business needs could be at risk of wasting resources without actually improving results.
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