Innovative organisations have 11% more revenue

Booz & Co

A recent report by Booz & Co. (now Strategy&) found that the world’s most innovative organisations have 11% more revenue than their less creative counterparts. The report, titled the Global Innovation 1000, surveyed executives worldwide to identify the trends and behaviours that distinguish the most innovative companies. The findings suggest that innovation is a crucial driver of financial success. Companies must invest in innovation to stay ahead of the competition. While some organisations are naturally more innovative than others, there are several ways in which all companies can boost their innovation potential, for example, by encouraging employees to think outside the box and giving them the freedom to experiment. Additionally, companies should create an environment that fosters risk-taking and collaboration between different departments. By following these steps, businesses can increase their chances of generating new ideas and turning them into successful products and services.