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765 interviews were conducted by IBM Global Business Services to discuss how culture and companies must change to foster innovation. These interviews were conducted around the world and were designed to determine precisely how senior executives were going to foster change in order to survive in the global community. 65% of the chief executives stated that their companies must transform themselves into something more progressive in the next 2 years if they are to stay innovative. This innovation fosters growth and market dominance which appears to be declining in the United States. The changes will be promoted by differentiating and adding new products by increasing external collaboration. The results of the study show that most executives agree to change the following: Business Model Innovators: 55% reduce costs, 55% strategic flexibility, 45% focus and specialization, 43% exploiting new markets, 22% share or reduce risk/investments, 22% move from fixed to variable costs. Operation Innovations: 62% improves responsiveness to customers, 55% apply new science to their business, 52% apply new I.T., 45% optimize core processes, 42% reduce complexity and cycle time of operations, 42% integrate functional business processes. Source of Innovative Ideas: 42% employees, 38% business partners, 36% customers, 22% consultants, 20% competitors, 18% associations, 17% internal sales, 15% R&D, 14% Academia. Murad Ali is a three time published author, a Ph.D. student and a human resource professional. http://www.thenewbusinesswold.blogspot.com
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