Alex Demetriou and John Nixon, R&D Tax Specialists, highlight why the time for change, regarding innovation, is now – based on results from KPMG's Global CEO Outlook Survey.
The 2016 KPMG Global CEO Outlook Survey indicates many Chief Executive Officers (CEOs) are struggling to prioritise time to think strategically about disruption and innovation, particularly locally.
In the survey, 52 CEOs in Australia (of nearly 1,300 globally) discussed the key issues and challenges they face, and revealed the strategies they have in place to manage them.
The next 3 years is expected to be a period of unprecedented change and significance for Australian as well as global business. Amongst the CEOs surveyed, 75 percent in Australia (72 percent globally) believe that this period will be more critical for their industry than the previous 50 years, with the top three strategic priorities being:
Despite innovation being their top strategic priority, only 23 percent of both Australian and global CEOs said that it was the top of their personal agenda, and only 17 percent of Australian CEOs (28 percent globally) said innovation was prioritised at a strategic level within their organisation and embedded in everything they do.
Furthermore, 86 percent of CEOs globally said they lack time to think strategically about the forces of disruption and innovation shaping their company’s future; Australian CEOs were even more time poor, with 94 percent saying they lacked the time needed to consider these drivers.
Successful innovation requires building an innovative culture with effective execution. This needs to be supported by a well-designed process to ensure the right ideas are uncovered and successfully brought to market. KPMG has invested significantly to build and embed an innovative culture throughout our organisation.
Our own experience on the ‘innovation journey’ enables us to share unique insights and bring value to our clients to enhance their innovation agenda and to give better informed advice to our clients as they undertake their own innovation journey.