# UK Companies Are Failing to Capitalise on Innovation, But Successful Innovators Are Showing the Way Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2017-04-18 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: PA Consulting Group Survey: UK Innovation Challenges Meta Description: Learn from the leaders in the latest global survey - find out why UK organisations are struggling to innovate and how to succeed in driving progress and Tags: featured Tag URLs: featured (https://financedigest.com/tag/featured) URL: https://financedigest.com/uk-companies-are-failing-to-capitalise-on-innovation-but-successful-innovators-are-showing-the-wayhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/0o1a7692-2227-2-1736843937485-compressed.jpg) **_PA Consulting Group launches latest global innovation survey of 821 business leaders_** - Two thirds (66%) of organisations say innovation is crucial to survival; yet only 28% say they are innovating successfully to drive growth and increase revenue - Over three fifths (66%) of senior executives feel that UK CEOs are not leading from the front and lack the vision and passion necessary to make innovation happen - Only a quarter (24%) of UK organisations [say their boards](https://www.financedigest.com/bain-capital-makes-3-2-billion-offer-for-softwareone-board-says-its-too-low.html "Bain Capital makes .2 billion offer for SoftwareOne, board says it’s too low") prioritise innovation - Two fifths (40%) of UK leaders reject disruptive ideas for fear of failure Organisations are missing out on the potential of [innovation to drive](https://www.financedigest.com/the-future-of-fintech-startups-driving-innovation-and-investment.html "The Future of Fintech Startups: Driving Innovation and Investment") progress and profitability. The new [report from PA finds that organisations are struggling to innovate](https://www.financedigest.com/continuous-innovations-and-growing-urbanization-to-amplify-sales-of-privacy-screens-market-fact-mr-report.html "Continuous Innovations and Growing Urbanization to Amplify Sales of Privacy Screens Market: Fact.MR Report"). Two thirds (66%) of organisations are convinced that [innovation is crucial](https://www.financedigest.com/why-innovation-is-crucial-for-marketers.html "Why Innovation is Crucial for Marketers") to their survival. Yet only 28% say they are innovating successfully to [drive growth](https://www.financedigest.com/polyurethane-dispersion-market-globally-expected-to-drive-growth-through-2031.html "Polyurethane Dispersion Market Globally Expected to Drive Growth through 2031") and increase revenue. Moreover, a mere 39% of executives are confident they have defined the skills they [need to be innovative](https://www.financedigest.com/why-covid-has-increased-the-need-for-corporate-sustainability-innovation.html "Why COVID Has Increased the Need for Corporate Sustainability Innovation"). At a time when some organisations are adopting a cautious posture in the face of [global political and economic](https://www.financedigest.com/stocks-tumble-globally-on-raft-of-economic-political-worries.html "Stocks tumble globally on raft of economic, political worries") headwinds, investing in innovation is more important than ever. PA’s research on [‘innovation leaders’ – organisations realising a substantial increase in revenue and growth as a direct result of their innovation activity – makes clear that innovation not only helps organisations survive but thrive amidst](https://www.financedigest.com/the-insulin-pen-market-to-satiate-amidst-innovation.html "The Insulin Pen Market to satiate amidst innovation") uncertainty. Innovation starts with leaders who recognise its importance and are willing to do something about it. Globally, 81% of the innovation leaders profiled in the report offer their employees an inspirational sense of purpose. Yet in the UK, over three fifths (66%) of [senior executives](https://www.financedigest.com/societe-generale-says-two-senior-executives-to-leave-bank.html "Societe Generale says two senior executives to leave bank") feel that UK CEOs are not fully leading from the front and lack the vision and passion necessary to make innovation happen. **Learn from the leaders** Even with uphill challenges, the innovation [leaders in our survey pointed to a clear pathway for achieving innovation success](https://www.financedigest.com/intuitive-decision-making-could-this-approach-be-the-most-underrated-way-to-becoming-a-successful-leader.html "Intuitive decision making: could this approach be the most underrated way to becoming a successful leader?"). Successful innovators are more likely to: - **_Focus on the future_** – believe their organisation can deploy technology to meet customer needs (59% versus 49% of less successful peers) and excel at measuring the [business case for innovation](https://www.financedigest.com/disruption-and-innovation-four-predictions-for-the-business-landscape-in-2016.html "DISRUPTION AND INNOVATION – FOUR PREDICTIONS FOR THE BUSINESS LANDSCAPE IN 2016") (57% versus 41%) - **_Design for innovation_** – measure the value of innovation (61% versus 47%) and take new [products and services to the market](https://www.financedigest.com/dry-molasses-products-market-overview-in-depth-analysis-of-market-size-growth-industry-overview-2022-2029-2.html "Dry Molasses Products Market Overview In-depth Analysis of Market Size, Growth, Industry Overview 2022-2029") faster (61% versus 42%) - [Create an innovation culture – kill off ‘zombie’ projects earlier than their less successful](https://www.financedigest.com/five-critical-tips-to-create-a-successful-start-up.html "Five Critical Tips To Create A Successful Start-up") peers (54% versus 40%) and reward employees for innovation (81% versus 69%) - **_Build a network for innovation_** -source ideas for innovation from outside the organisation (61% versus 52%) and have [executive and leadership teams](https://www.financedigest.com/zivver-expands-leadership-team-names-three-new-c-level-executives-2.html "Zivver Expands Leadership Team, Names Three New C-level Executives") with a diverse range of skills and professional backgrounds (78% versus 66%). **Frazer Bennett,ChiefInnovation Officer at PA Consulting Group said:** “As we face the uncertainties of a [post Brexit](https://www.financedigest.com/navigating-the-new-rules-post-brexit.html "Navigating the new rules post Brexit") world, it is frustrating to see that many companies not yet taking advantage of the opportunities that offer potential for growth. The good news is that there are clearly identifiable steps for success, a set of tried and [tested behaviours which are consistently displayed by those organisations who do succeed at innovation.”](https://www.financedigest.com/sleeping-sickness-testing-market-to-be-innovatively-servile.html "Sleeping Sickness Testing Market to be innovatively servile") “We’ve found that innovation leaders design innovation into the heart of their business, use agile techniques right across their business, and are quicker to kill off ‘zombie’ projects. They have strong external networks and [foster a culture that learns from innovation](https://www.financedigest.com/financial-services-tech-tools-to-foster-innovation.html "Financial Services: tech tools to foster innovation") failures, as well as recognising success. We’re optimistic that organisations can address the innovation conundrum and get better at employing innovative practices. This will help [companies all around the world set themselves up for future health.”](https://www.financedigest.com/liquidity-ratios-assessing-a-companys-short-term-financial-health.html "Liquidity Ratios: Assessing a Company’s Short-Term Financial Health") --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---