ACA Research, on behalf of Fujitsu Australia and New Zealand, surveyed 271 organisations across all industries in Australia and New Zealand to deliver the very latest business innovation barometer for our region: the Fujitsu Innovation Index 2007.
Overall, the region’s 2007 innovation performance remains at approximately the same level as in 2006. The Fujitsu Innovation Index for 2007 is 63 out of 100 (compared with 64 out of 100 in 2006). Essentially, this means that we’re still only getting a pass on innovation performance.
The research identified significant increases in two major barriers to innovation: resistance to change, and short-term mindsets. Broadly defined, innovation is ‘change that adds value’, but if organisations resist change, innovation will not happen. Also, innovation takes time and careful nurturing. The ideas may come in a flash but their development and implementation can take months or even years. A short-term mindset does not help innovation.
The companies researched said innovation contributed almost one-third (29%) of the increases in key performance measures such as customer satisfaction, revenue, productivity and profit. Add those measures together and you can start to see a strong correlation between innovation and return on investment.