How to become a successful innovative company? According to the BCG report: “The Most Innovative Companies 2020. The Serial Innovation Imperative” there is a recipe based on a few mixed elements.
Innovation leaders are creating an innovation system based on five main pillars: talent, ambition, governance, funnel management, and project management. They are also focused mainly on advanced analytics, digital design, and technology platforms.
For example, advanced analytics is a top priority for industrial goods companies seeking to develop new analytics-driven value propositions. The IoT and other technologies create opportunities for traditional companies, such as manufacturers, to transform themselves into data-enabled software or service businesses.
Companies traditionally associated with a different industry are more often becoming a leading innovator in the new industry like Amazon in health care or Alibaba in financial services. According to BCG, every industry is becoming a technology industry to some degree. More and more companies see opportunities for new technology-enabled business models and revenue streams outside their core businesses. Companies are moving from manufacturing equipment to combining equipment, data, software, and connectivity to provide entirely new types of solutions.
Read the full report here.