BCG’s latest innovation report identified the following 8 capabilities to be most critical when it comes to being innovative:
- Developing a deep understanding of customers and their preferences
- Partnering effectively with suppliers and others for new ideas
- Ensuring executive-level sponsorship of projects
- Enforcing timelines and milestones
- Earmarking sufficient funds for innovation projects
- Moving quickly from idea generation to initial market entry
- Balancing risks, time frames, and returns across an entire portfolio of projects
- Fostering a corporate culture that promotes innovation.
Apart from customer knowledge and executive sponsorship, which most companies see as their strengths, all other 6 capabilities are seen as weaknesses.
