by Staff Writer
Businesses are banking on innovation as a top way to stay relevant and edge out the competition, a strategy that looks like it will pay off. According to a report from Accenture, 54 percent of large companies expect new business — including both novel products and entry into previously unexplored markets — to generate more than half of total revenues within the next few years.
And for the most innovative companies, a focus on driving innovation is already paying off: for the six percent of companies who have demonstrated the strongest ability to embrace organizational change, a whopping 75 percent of revenues stem from business activities that didn’t exist prior to 2015.
But before businesses can innovate, they must first develop their ability to discover and act on new ideas with speed and confidence. “Innovation is the implementation of a new or significantly improved product or process that creates a value,” says Linda Naiman, an organizational creativity consultant who has worked with a roster of enterprise and Fortune 500 companies that includes American Express and Cisco. “But you cannot innovate without creativity.”
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