Friday, February 9, 2024

g-f(2)1947 Measuring the Innovation Imperative: Deloitte Quantifies Key Trends and Gaps


genioux Fact post by Fernando Machuca and Claude


Deloitte's global survey provides data-driven insights into how leading innovative organizations across sectors are advancing their innovation agendas, overcoming barriers, and tracking outcomes [g-f(2)1946].

genioux GK Nugget

"Nearly half of companies surveyed are planning to increase innovation investment in 2024 making clear the importance of innovating through disruption and uncertainty." — Fernando Machuca and Claude

genioux Foundational Fact

The survey highlights an elevated strategic role for innovation, with most respondents incorporating innovation directly in their mission and vision and investing substantial portions of revenue. It also identifies persistent talent and resource challenges alongside opportunities to expand expertise at the board level and across broader ecosystems.

Top 10 Relevant genioux Facts

  1. Two-thirds of surveyed companies explicitly include innovation in their values, missions, or visions.
  2. Typical annual innovation investments range from 3-15% of revenue.
  3. 70% indicate the economic climate will not impact existing innovation budgets.
  4. Half of organizations have C-Suite leaders as primary innovation drivers.
  5. Only 25% of boards include an innovation expert to guide outcomes and risk.
  6. 48% of companies are expanding innovation partnerships, citing IP protection as a key hurdle.
  7. 72% rapidly adopted generative AI into processes or products showing hunger to experiment.
  8. Innovation key performance indicators still heavily concentrate on short-term revenue versus longer-term pipelines.
  9. 55% track pre-monetary metrics like new products/services and brand value alongside financials.
  10. Over 60% remain cautious or reluctant regarding emerging technology adoption.


While innovation takes center stage across strategic visions, issues around resources, accountability, ecosystem collaboration, and readiness for exponential technologies remain key gaps according to Deloitte's analysis.


The GK Survey

2023 Survey of lnnovation Excellence, Deloitte.  


Let's explore Deloitte, a global professional services network:

1. Deloitte Overview:

  • Deloitte Touche Tohmatsu Limited (commonly referred to as Deloitte) is a multinational professional services network.
  • It is the largest professional services network by revenue and number of employees worldwide.
  • Deloitte is considered one of the Big Four accounting firms, alongside EY, KPMG, and PwC⁴.

2. Services Offered:

  • Deloitte provides a wide range of services, including:
    • Audit and assurance
    • Consulting
    • Tax advisory
    • Risk and financial advisory
  • They serve a broad cross-section of the largest corporations and governmental agencies globally.
  • Approximately 80% of the Fortune 500 companies rely on Deloitte's expertise³.

3. Global Presence:

  • Deloitte operates as a member firm of Deloitte Touche Tohmatsu Limited.
  • With over 100,000 professionals, Deloitte serves clients in markets that are most important to them.
  • Their impact extends across various industries and sectors, making them a trusted partner for organizations worldwide².

In summary, Deloitte's extensive reach, diverse services, and commitment to excellence position it as a leader in the professional services landscape. πŸŒŸπŸ“ŠπŸŒŽ.

Source: Conversation with Bing, 2/9/2024

(1) Deloitte - Wikipedia.

(2) Deloitte US | Audit, Consulting, Advisory, and Tax Services.

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Research Methodology 

To ensure a cross-industry, size-agnostic, and globally relevant understanding of innovation excellence, Fast Company, in collaboration with Deloitte, sent a survey to organizations in Fast Company’s Most Innovative Companies portfolio, with up to 248 responding to the survey, depending on the question. 

Leaders from companies across geographies were surveyed, with the majority of respondents from the United States (69%) and Europe (13%), and additional respondents from Asia Pacific, Canada, Africa, Latin America, and the Middle East. Respondents represented businesses and public-sector companies across industries. 

The survey asked CEOs, presidents, chief innovation officers, chief strategist/chief strategy officers, and other C-suite roles related to innovation (e.g., product, growth, technology, operations) about a variety of topics related to innovation and innovation functions. The majority of respondents were CEOs (59%), highlighting the elevated role these leaders play in driving the innovation agenda.

Copilot's Summary:

Fast Company conducted a comprehensive survey titled "The Fast Company Survey of Innovation Excellence". Here are the key insights:

1. Scope of the Survey:

  • Fast Company collaborated with Deloitte to survey over 200 companies globally.
  • These companies were selected from Fast Company's Most Innovative Companies portfolio.
  • The goal was to understand modern business acumen and innovation readiness.

2. Findings:

  • The survey revealed how organizations are successfully navigating the ever-shifting market landscape.
  • It explored the impact of innovation on industry convergence and technological advancement.
  • Despite economic uncertainty, companies are investing more in innovation.

3. Critical Insights:

  • The study provides critical insights into the evolving paradigms shaped by innovation.
  • As industries converge and technology accelerates, understanding these shifts is crucial.

In summary, the Fast Company Survey sheds light on how companies approach innovation and adapt to the changing business environment. πŸŒŸπŸš€πŸ“Š

Source: Conversation with Bing, 2/9/2024

(1) Special report: The Fast Company Survey of Innovation Excellence.

(2) 2023 Survey of lnnovation Excellence - Deloitte US.

(3) Deloitte Collaborates With Fast Company on Survey: Companies Are ....

(4) Deloitte Collaborates With Fast Company on Survey: Companies Are ....

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This genioux Fact post is classified as Bombshell Knowledge which means: The game-changer that reshapes your perspective, leaving you exclaiming, "Wow, I had no idea!"

Type: Bombshell Knowledge, Free Speech

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