December 2015 December 2015 | Page 29

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Nike. The majority (29/50) come from the United States. Car companies, who are increasingly using innovative consumer-based technology, are a rising group in the top 50; besides Tesla, the top automotive innovators include Toyota (6th), BMW (7th) and Daimler (10th).

According to BCG, this year’s research revealed four key themes.

1) The rising need for innovation speed: Markets are moving faster, innovation must too. In this year’s survey, overly long development times were the most-cited obstacle to generating returns on innovation and product development. This year saw a growing emphasis on speed, even among companies that are already fast; the demand for speed is itself increasing.

2) Strong innovators are lean innovators: For speed and efficiency, lean innovation is on the rise. BCG asked executives to rate their companies on 12 dimensions related to lean and efficient product development. When BCG segmented the responses by strong versus weak innovators, the percentage of strong innovators following lean principles was 74 percent or more on every single dimension. Strong innovators are two to three times more likely to adhere to lean principles than their weak counterparts.

3) Enabling technology-enabled innovation: Innovators across industries need to embrace technology. Innovators surveyed tend to take technology out of the “IT Department” and into every piece of the company. According to BCG, technology-enabled innovation comes in many forms. It can mean using advanced analytics to improve decision-making, employing digital technologies to retool manufacturing, and harnessing mobile capabilities to improve marketing. The key in all of these is the creation of a platform that can be leveraged repeatedly to deliver impact. BCG suggests that companies who want to pursue more technology-led innovation can start by taking the following steps: deliberately allocate budget and resources to technology innovation; put in place appropriate incentives for individuals to pursue innovation; foster a test and learn, fail fast and fail cheap mentality; and encourage collaboration between IT and business units.