Riding high on the buoyant economy, an overwhelming majority of India Inc. lists innovation among the top three strategic priorities as compared with their global counterparts, a survey says.
Far ahead of other developing and developed economies of the world, India Inc. is assigning strategic priority to innovation. Around 91% of the senior executives put innovation among the top three strategic priorities, the India Innovation Survey jointly done by the Confederation of Indian Industry and the Boston Consulting Group (BCG) showed.
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 the global ones, the chamber statement said.
A majority 89% of the respondents said the importance of innovation has increased significantly over the last 10 years, and 39% of them felt that innovation today has become critical to their organization. Only 7% felt the importance of innovation has increased only marginally and 4% felt that its importance has remained the same.
Of the respondents, 74% are planning to increase the funds invested in innovation. However, 60% of them were not satisfied with the returns. The biggest drawback revealed by the survey is a gap between creating an innovation strategy and managing innovation as a business process.