New Delhi: Riding high on a buoyant economy, an overwhelming majority of India’s corporate world lists innovation among its top three strategic priorities as compared to their global counterparts.
Far ahead of other developing and developed economies of the world, India Inc is assigning strategic priority to innovation. Around 91% of senior executives put innovation among their top three strategic priorities. These findings were part of a joint India Innovation Survey by CII and Boston Consulting Group (BCG).
However, the BCG Global Survey, 2006 found only 71% of the companies’ globally assigned innovation such a high strategic priority.
The survey results have been compared with the BCG Global Survey to assess Indian companies vis-a-vis global ones. A majority 89% of the respondents said the importance of innovation has increased significantly over the last 10 years and 39% felt that innovation today has become critical to their organization.
Only 7% felt that the importance of innovation has increased only marginally and 4% felt that its importance has remained the same. Of the respondents, 74% of the companies are planning to increase the funds invested in innovation. However, 60% were not satisfied with the returns.
The biggest drawback as revealed by the survey is a gap between creating an innovation strategy and managing innovation as a business process.