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Where Should Companies Innovate? In Their Enterprises.

Tue, 10/19/2010 - 8:32am
Bio-Medicine.Org

CENTER VALLEY, Pa., Oct. 19 /PRNewswire/ -- Olympus Corporation of the Americas (www.olympusamerica.com) today released findings from a Harris Interactive survey of Fortune 1000 executives concerning enterprise innovation – defined as the transformative business processes, practices, organizational planning and models that enable a business of any size to operate more effectively, profitably and/or competitively. The findings identify potential investment areas to help business leaders improve their prospects as the economy restarts.

Enterprise Innovation First; Business Invention Will Follow

The vast majority of executives say enterprise innovation is extremely or very important for driving business growth (95 percent), profitability (94 percent), attracting and keeping talent (86 percent), and brand prestige (85 percent) – and more than four in five (85 percent) believe it is a prerequisite for product innovation.

However, more than half of executives (60 percent) say their company typically focuses more on product innovation than overall enterprise innovation. Forty-seven percent report that their company has no team, process or system for vetting new ideas in order to decide which ones to invest in. Moreover, only a minority report that their company promotes enterprise innovation by providing funding (37 percent) or access to educational (38 percent) or idea-sharing (35 percent) forums, and only one in three (34 percent) report that they have a team specifically dedicated to brainstorming new ideas.  

"The Olympus survey points to enterprise innovation as a sound place to deploy the saved-up resources – financial and human capital – that companies large and small have held back due to today's economic climate," says F. Mark Gumz, president and CEO of Olympus Corporation of the Americas. "The opportunity is clear: invest in your enterprise. Holding ba

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