The professional services firm said that according to its research, more than half of businesses making significant investments in innovation have underperformed against industry peers when it comes to growth or market value.Managing Director, Financial Services at Accenture, Toluleke Ademosun, said the fact that return on investment overall is dropping is worrisome. She stated that businesses are spending more than ever, but their inability to see proper returns is shocking.
“Over the last five years, roughly $3.2tn was spent on innovation worldwide. Yet, the study shows it is not how much you spend that matters, it is how you spend it. The companies bucking the trend and seeing the biggest returns are investing in bold, watershed moves rather than incremental shifts.” “The companies reaping the biggest rewards show a go big or go home mentality by investing in truly disruptive innovation projects. They don’t just tinker around the edges,” she added.
Ademosun also argued that some companies just chase the latest tech trends without thinking about how to connect what they’re spending to the problems or opportunities in their business.
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