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Most Businesses lack formal process for funding innovation [#ChartoftheDay]

Author's avatar By Robert Allen 07 Oct, 2016
Essential Essential topic

On average only one-third of businesses have a process for funding tech innovation across the whole business

Our quarterly focus on digital transformation is soon to end, as we pivot to a new focus on eCommerce marketing. But whilst we're on the subject I thought it was important to highlight the lack of process in place for even larger businesses when funding technology innovation.

Technology innovation will be what brings in the customers of tomorrow. Those businesses who've used the latest tech to create the best products and the most seamless customer journeys will be the ones winning in the years ahead.

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Yet only a minority of businesses actually have a formal process in place across the business for funding technological innovation. The best performers were businesses with a turnover of over 250 million dollars, but even they had only a minority of 45% that were using formal processes established across the business. Smaller businesses had even lower rates of adoption.

process-for-funding-technology-innovation

Author's avatar

By Robert Allen

I was the Editor of Smart Insights between 2015-2017. I managed the blog and you will find blog articles on a range of subjects- Marketing Technology trends and latest tech developments are a regular focus, as well as exploring key marketing concepts. You can get in touch with me on Twitter and connect with me on LinkedIn. The new Editor is Carolanne Mangles.

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Digital transformation

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