Leadership and innovation

Innovation has become a primary force driving the growth, performance, and valuation of companies. Our research reveals a wide gap between the aspirations of executives to innovate and their ability to execute.
Many companies make the mistake of trying to spur innovation by turning to unreliable best practices and to organizational structures and processes. Our research shows that executives who focus on stimulating and supporting innovation by their employees can promote and sustain it with the current talent and resources—and more effectively than they could by using other incentives.
Three approaches can help executives mount innovation efforts. First, senior management should actively support behavior that promotes innovation. Second, network analysis can identify where the capacity for innovation already exists within an organization and help it build more innovative networks. Finally, executives should seed innovative thinking by focusing on selected managers and projects.

Exhibit 1: Decentralizing a network can improve collaboration and performance.
Exhibit 2: There are four critical steps to designing, implementing, and managing innovation networks.
Exhibit 3: Senior executives and their employees have different ideas about what their organizations need for innovation projects.

In the current environment, costs are rising as price sensitivity increases. Six tactics can help companies get pricing right.

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