Only one-third of the U.K. business leaders are innovating successfully enough to generate revenue or measurable growth

PA Consulting Innovation Report (2017)

A recent study by PA Consulting found that only one-third of U.K. business leaders are successfully innovating to generate revenue or measurable growth; this is a troubling statistic, especially given the importance of innovation in today's economy. The report found that the most significant barrier to innovation is a lack of leadership commitment. Without buy-in from senior decision-makers, it can be challenging to allocate the resources needed to support innovation initiatives. Additionally, many businesses are still using outdated methods for measuring innovation success; this makes it difficult to track progress and identify areas for improvement. The good news is that there are steps that businesses can take to improve their innovation success rate. By establishing clear goals and metrics and involving all levels of the organisation in the innovation process, companies can increase their chances of generating new ideas that drive growth.