InnoLead Releases 2023 Update on Benchmarking Innovation Impact with KPMG LLP
InnoLead, in collaboration with KPMG LLP, has recently released the 2023 update to its Benchmarking Innovation Impact research, shedding light on the shifting trends in innovation investment among Global 1000 companies. According to the report, organizations are redirecting their focus towards shorter-term innovation projects, with innovation group budgets facing increased pressure compared to previous years.
The research, which surveyed over 200 professionals globally in innovation, R&D, and strategy roles, revealed that more than 40 percent of organizations anticipate an increase in innovation group staffing in 2023. Additionally, 26 percent of respondents expect their budgets to decrease, while 39 percent foresee an increase in budget allocation for innovation activities.
One of the key findings highlighted in the report is the prevalent challenge of navigating internal politics and turf wars within organizations to launch new initiatives. Despite this obstacle, the majority of innovation groups are adopting a hybrid working model, with a focus on generating new revenues and garnering support from senior leadership to attract additional budget and staff.
Cliff Justice, National Leader of Enterprise Innovation at KPMG US, emphasized the importance of innovation in driving organizational growth and meeting client demands. The report not only provides quantitative data on the evolving landscape of innovation in large companies but also includes insights from KPMG professionals and qualitative interviews with executives from leading organizations such as Colgate-Palmolive, Mastercard, and NASCAR.
To access the full report and delve deeper into the findings of the Benchmarking Innovation Impact 2023 research, visit innovationleader.com/research-reports/benchmarking-innovation-impact-2023/. For more information on KPMG LLP, visit https://kpmg.com/xx/en/home.html.
Source: InnoLead
This research report serves as a valuable resource for leaders in strategy, R&D, and design, enabling them to make informed decisions and drive innovation within their organizations. As companies continue to adapt to the changing landscape of innovation, staying abreast of industry trends and best practices will be crucial for sustained growth and success.