This archive report was first published on 6 November 2019.
Unlocking Business Innovation ¶
November 6, 2019
Mastercard and Harvard Business Review Analytic Services have launched Become 2020, a research initiative focused on innovation. The inaugural edition includes the Business Innovators Index and a report titled Innovators Become Leaders, which explores the key differentiators that separate leading innovators from their peers.
According to Ajay Banga, President and CEO of Mastercard, 'It's more important than ever for companies of any size to be innovative and creative. It's our lifeblood.' The study offers insights and experiences from leading thinkers to help others spark creativity and drive their business.
Over six months, Harvard Business Review Analytic Services surveyed over 1,000 executives across five key areas: process, human capital, funding, customer experience, and data and technology. Additionally, more than 1,000 global consumers were surveyed to understand what matters most to their customers.
The study revealed that while most organizations understand the importance of innovation for growth and success, the majority do not effectively execute on their ideas. The Business Innovators Index, with 100 representing the peak of innovative strategy, frameworks, and behaviors, was developed using the organizations' self-reported responses to 40 behavioral and attitudinal questions.
Three groups were identified: Leaders, possessing the broadest range of innovation capabilities; Followers, having capabilities in some innovation pillars; and Laggards, lacking a wide range of innovation capabilities.
The report identified several key ways companies can embrace, launch, or reinvent their innovation journeys, including:
- Speed Wins: Innovators need to think in quarters and weeks, not years.
- Data as an Accelerant: Real innovators draw insights from multiple data sources.
- Prioritize Now: Innovation can't be an afterthought.
- Culture Counts: Organizations need to empower employees to act like entrepreneurs.
- Focus, Focus, Focus: Nearly half of consumers expect companies to develop new products and services to meet their needs.
As a special companion piece to the report, Mastercard and HBRAS developed The CEO's Innovation Playbook, a look at 50 actions that can spark change, according to 12 of the world's most prestigious chief executives.
