Accenture has quantified the economic and financial impact of leading innovation and product development practices for eight industries. (Graphic: Business Wire)
A survey of 351 G2000 companies across eight industry sectors and nine countries -- Canada, China, France, Germany, Italy Japan, South Korea, the United Kingdom and the United States -- shows that leaders are evolving their approach to innovation by developing a total customer experience that combines product, service, software and hardware. Two thirds (66 percent) of companies surveyed reported that their most successful innovations in the last two years have been derived from improved customer experiences and related new business models versus new products alone. Accenture has quantified the economic and financial impact of leading innovation and product development practices for the eight industries below. The research and analysis identifies the specific innovation and product development capabilities that correlate to revenue increase and operating income lift in each of the eight industries surveyed. "It is no longer enough to build the next generation car, music player, crane or plane to satisfy customers. Companies need to provide a superior experience to their rivals, from the point a customer shows interest in a product, through the research and purchase, to long after they own the item, with a series of services to keep the customer delighted," said Richard Holman, managing director, Accenture Strategy. "Companies across all sectors are rewriting the playbook for how they innovate and organize to drive growth, with leaders achieving between 3.5 percent and seven percent higher revenues that are attributable to distinct approaches to innovation, product development and solution development."