U.S. companies are struggling with various innovation pursuits, continuing a problem they’ve been grappling with for the past three years, according to a new study by professional services firm Accenture.
The survey of executives and managers at 500 U.S. companies shows 60% said their companies do not learn from past mistakes. This is nearly double the 36% who admitted to this three years ago, when Accenture last conducted a similar survey.
Nearly three-fourths (72%) indicate that their organization often misses opportunities to exploit underdeveloped areas or markets, compared with 53% three years ago.
The survey also shows that 82% of the organizations admit that they don’t distinguish their innovation approaches between incremental versus large-scale transformational change. That means they use a single “one-size-fits-all” approach to achieve different goals.
Most respondents said they have big innovation ideas but are missing an organizational “home” with the company. As a result, their ideas often go nowhere.
“A significant gap exists between what U.S. companies want to achieve in the innovation arena versus what they are able to do,” said Adi Alon, a managing director with Accenture’s Strategy practice. “They want to innovate yet they need to take different and bolder actions to achieve transformational, major revenue-generating innovation. True innovation requires aggressive changes in technologies, operating models and talent.”
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