YPO, an association of more than 27,000 chief executives, has released the results of a study conducted to understand the thoughts of company executives on innovation and its implications for the future of their businesses.
The 2019 Global Pulse Innovation Survey was conducted between 29 April through 6 May 2019 with more than 1,600 chief executive respondents.
The study highlights that:
- The majority of global business leaders (57%) feel an urgent need to innovate now
- Nearly half of global business leaders cited customers as their top source of innovation inspiration (48%) with employees (36%) ranking second. Consultants (10%) and think tanks (7%) lag far behind in the minds of respondents.
- One in five respondents cited customer experience as their primary business area most needing innovation now, ahead of products, data/business intelligence and technology.
- The geographic location, industry, company size and length of job tenure greatly inform business leaders’ opinions and go-forward innovation action plans
- Industry plays a significant role in business leaders’ attitudes toward risk in business
- Over the next 12 months, global business leaders who are extremely likely to invest will be doing so in products (45%), internal processes (44%) and technology (42%) to help them win customers.
- Leaders of large organizations (USD250 million+) cited new competitors threatening their traditional business model as a strong concern, well more than chief executives of smaller businesses (27% for large companies compared to 19%t for all others).