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In today’s volatile world, the fear of disruption is just around the corner, and leading with innovation is the only way to stay ahead. At the same time, we’re pretty sure you’ll agree with us that guarding investment to support long-term growth is getting harder and harder. And we all know this investment needs to go beyond pure R&D for customer-relevant, cutting-edge innovation to materialize and feed the business. So how do you break through this conundrum?
Evidence for the rightness of investing for the longer term and doing so across functions and disciplines would be a helpful hook, right? Well, here is a great start for you. Data compiled and analyzed from the last 20 years of corporate spending demonstrates that achieving both long and short-term innovation results requires a holistic portfolio of innovation investments—going beyond just R&D.
In fact, there is probable danger of mistakenly attributing growth results to tangibles such as equipment and physical assets because of current accounting procedures. The actual causes of growth are more likely to be investments in culture, brand, customer experience, digitization—the intangibles that fuel your innovation capacity and ultimately the knowledge-based economy.
Check out how you might use the recent research results by The Conference Board in Rethinking Innovation Spending to secure or justify the appropriate multifaceted investments to innovate. The analysis also underscores once again how the integrated, holistic Signpost of Innovation framework will help you plan, organize, and implement your innovation program and measure its results. And since you will now have money to invest in long-term innovation, you may wish to learn how to spend it wisely, by watching this on-demand webcast on “Driving Breakthrough Innovation.”