Many enterprises now have an innovation function, whether it be a team that is dedicated to seeking out new opportunities or an executive tasked with finding new ways of working. But according to the latest Deloitte Innovation Study 2021, only half of innovation efforts are achieving their desired value and companies with successful innovation functions tend to have unique characteristics. The study revealed that most leading companies view innovation as something both new – which can include new applications of existing tools – and improved – which may mean simply a measurable advance over legacy alternatives. Deloitte’s Innovation Study 2021 surveyed more than 400 tech, innovation and business leaders to understand their approaches to innovation and developed clear recommendations for taking innovation from ideation to industrialization.

While innovation may require some new or unique characteristics, it shouldn’t be totally disconnected from how organizations build effective capabilities generally. We identified five key attributes of building a capability that can distinguish successful innovation programs. We’ve shared three of them here.

Tech leaders often approach innovation differently from their colleagues on the business side. To grow a successful innovation function over time, technology leaders should follow the lead of their high-performing peers by:

The full Innovation Study 2021 has some other insights that might be interesting. CIO Insider is a regular report for CIOs, sharing key takeaways and perspectives.

This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.

About Deloitte

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

Copyright © 2022 Deloitte Development LLC. All rights reserved.

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