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Breaking Down Innovation Barriers


Published on Cognizant's report, "Innovation Beyond the Four Walls: Breaking Down Innovation Barriers," reveals that a majority of corporations are increasingly using social platforms, virtual communications, and collaboration tools to build new types of innovation ecosystems to gain insights, ideas and inspiration from both employees as well as external sources, including customers, partners, and even competitors.

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Breaking Down Innovation Barriers

  1. 1. Image Area A survey conducted by Cognizant conducted a survey in association with Forbes Insights©2012, Cognizant
  2. 2. Powerful forces of change are redefining the business landscape…Globalization The Millennial generationCompanies can now access Reshaping how business isexpertise, capabilities, conducted both inside (ascustomers and resources employees) and outside ofanywhere they wish the organization (as customers)Virtualization Cloud, mobility, social tools and broadbandPlatforms of collaborationthat are enabling real-time Enable a transformative newteamwork between project computing and deliverymembers regardless of time modelor place | ©2012, Cognizant Technology Solutions 2
  3. 3. Given these changing market forces, Cognizant conducted asurvey in association with Forbes Insights to review howcorporations are addressing innovation Hypothesis: Innovation is no longer coming just from within the four-walls of an organization. Rather, it is coming from a sphere of networks (fellow employees, colleagues, LinkedIn contacts, customers and partners). New virtualized and collaborative models, methods and tools are enabling businesses to take advantage of these multiple spheres of networks and encouraging use to drive innovation. About the Study: A global survey of 300+ executives evenly distributed across the US and Europe was conducted to examine the collaboration efforts and tools utilized to foster and expand innovation outside the organization’s traditional four walls. To obtain the full report: | ©2012, Cognizant Technology Solutions3
  4. 4. Hybrid innovation models are more prevalent than models thatrely solely or mostly on internal resources • Corporations are utilizing a hybrid approach for both creating and implementing new ideas • Corporations are recognizing the value an internal and external perspective brings to innovation How does your company leverage internal vs. How does your company leverage internal vs. external resources for creating ideas? external resources for implementing ideas? | ©2012, Cognizant Technology Solutions4
  5. 5. There is a sense of urgency to reach outside the four walls forinnovation • Internal collaboration systems remain the most popular tools for fostering innovation but executives’ focus is turning to tools and platforms that enable collaboration with external resources • Over the next two years more executives report they will open up innovation platforms to communicate and cooperate with more external resources than with internal resources Does your company use any of the following tactics to gather information and ideas for innovation? | ©2012, Cognizant Technology Solutions5
  6. 6. Organizations use a variety of virtual tools to communicate withinternal and external resources • The rise of the virtual world and social media requires the creation of new communication platforms • The range of tools available is vast • A key success factor in generating and implementing innovative ideas is selecting which tools are productive and how and where they should be deployed | ©2012, Cognizant Technology Solutions6
  7. 7. Fostering innovation is a complex process and complexityincreases the more internal and external resources areintermingled CEO Backing Helps… • The success of the innovation process depends not only on the functioning of the applied modelsInnovation is getting attention from the top. and systems (often involving newApproximately one-third of survey respondents technologies) but most critically onidentified the CEO as the person primarily the people involved and their ability to create ideasresponsible for fostering innovation. • Measuring ROI is challenging, making support from the top of the organization all the more critical • Notwithstanding how well conceived and designed the innovation process may be, to succeed fully innovation efforts need a strong leader | ©2012, Cognizant Technology Solutions7
  8. 8. Corporations are recognizing the crucial role customers play inthe innovation process • Organizations have been quick to adopt new innovation structures that involve customers in innovation efforts • This trend is likely to continue as organizations that combine internal innovation teams with customers are more satisfied with performance than How satisfied are you with your company’s performance in the following innovation areas? those that do not include customers in the innovation process How is your company structured to foster innovation? | ©2012, Cognizant Technology Solutions8
  9. 9. In Summary….. The emerging hybrid organization with its integrated approach will include a broad ecosystem beyond the organization itself Organizations will need to leverage new technologies like social media and virtual tools and ensure that processes, structure and infrastructure facilitate and embrace inputs beyond the four walls of the organization Support from the top of the organization is important to ensuring the right resources are allocated to the innovation process Despite the fears over leakage of proprietary information, embracing virtual tools and social media will enable organizations to convert more transparent and focused forms of ideation and knowledge sharing into tangible innovations that drive business performance over the long term To read the full report and read what specific companies are doing go to: | ©2012, Cognizant Technology Solutions 9