Innovation Strategy Survey
Innovation is a driving force at many manufacturers as they try to compete in today’s markets. Companies are starting or expanding innovation programs and processes that in some cases involve every employee. In this study, we looked at many aspects of the innovation process, including targets, the people involved, and keys to success.
MAPI’s survey was completed by 90 member companies; 71% indicated that they have a formal innovation strategy. Responses came from members of MAPI’s Manufacturing Council, Engineering R&D Council, and Information Systems Management Council.
Key Survey Results
- Most key business drivers for developing innovation strategies are centered around the manufacturer’s growth function; common goals include achieving growth (97%), developing new products (85%), and generating sales (65%). Other goals include saving money through process improvement (41%) and saving costs (56%).
- To support the growth and cost savings goals, innovation strategies are applied to products and/or services (71%), partnership models (65%), business models (62%), and business processes (59%). This is achieved through engagement with engineering, R&D, sales, marketing, and manufacturing. Common indicators of success are revenue generation (65%), increased number of new products (59%), new business generated (47%), and cost savings (44%).
- Training is an integral part of a successful innovation strategy. The growth functions of engineering and product development (65%), R&D (59%), marketing (59%), and general management (50%) are often involved in the process. Employees tend to be responsible for conducting training, often with help from consultants.
- Some manufacturers provide incentives in the form of awards, recognition, and advancement for those involved in the innovation process.
- 78% of companies surveyed think their innovation strategies are an effective means of achieving their stated goals.