- 73% measure the contribution of innovation to their business performance.
- 77% are seeing financial results from collaboration up from 64% in 2014.
- 86% of executives believe Advanced Manufacturing will radically transform the industrial sector
These and other insights are from the GE Global Innovation Barometer 2016. The report’s PowerPoint slides are downloadable here (88 pp., no opt-in). GE has made their dataset available in Tableau here for further analysis. GE and conducted by Edelman Berland between October 13 – December 7, 2015, interviewing 2,748 business executives, 1,915 who are C-level across 23 nations. The goal of the survey is to gain insights into how global executives are gaining value from emerging technologies and their plans for innovation strategies in 2016.
This year GE also interviewed 1,346 public respondents across 13 nations. These public respondents are called informed citizens in the study, and have university educations or higher, in the upper quartile income of their country, regularly consume top tier business news publications, and usually follow public policy matters in the news.
Key take-aways from the report include the following:
- 61% are using Big Data and analytics to improve decision-making up from 53% in 2014. GE found that 73% of the companies had increased their ability to analyze large amounts of data in the last year, up from 43% in 2014. And 59% are seeing a positive outcome from their Big Data investments.
- Globally, Big Data and analytics are seen as critical for the ability of companies to innovate successfully by the majority of senior executives globally. The following analysis shows the shift in Big Data and analytics importance from 2014 to 2015 for the 23 nations included in the study.
- 68% of global executives are optimistic about the 4th Industrial Revolution or Industrial Internet. GE is providing Tableau data of their sentiment analysis research. The sentiment analysis dimensions include confidence, curious, empowered, excited, in control, and optimistic and is located here.
- 86% of executives believe Advanced Manufacturing will radically transform the industrial sector. 90% of the informed citizens’ respondent group is optimistic about the potential of Advanced Manufacturing to radically transform the industrial sector. The following graphic compares respondents’ attitudes regarding the innovation landscape.
- Revenue and profit generated by collaborative, innovation activities have grown in 18 of the 23 nations. Japan and South Africa remained stable while Sweden, Israel, and Algeria have decreased. France, Russia and Chain have seen the greatest gains.
- 45% of High Tech /IT execs are likely to favor breakthrough innovation. GE also found that speed of innovation and time-to-market is an increasingly critical differentiator. 46% of executives prioritize getting to market as quickly as possible to keep an edge on the competition, even if this means having an imperfect product or service and improving it along the way.
- 73% measure the contribution of innovation to their business performance. 68% have a clear innovation strategy and 62% of that still struggle to come up with radical and disruptive ideas. GE found that just over half of enterprises (58%) are investing in the improvement of existing products or services, and 34% are investing the in the development of new business models.
Please click on the “following” button to get every new blog post as soon as its goes live.
This article was written by Louis Columbus from Forbes and was legally licensed through the NewsCred publisher network.