Innovation a Priority:
Plante Moran Survey
Innovation is increasingly important among businesses aiming to boost market share,
expand their geographic footprint and diversify product lines, according to a recent survey
by the accounting firm Plante Moran.
Fifteen percent more business leaders, or 94 of 100 queried, listed innovation as a
priority compared with the previous year, according to the firm’s 2013 Innovation Survey.
The drivers to innovate, however, are changing. The economy, corporate finances and
regulatory requirements were less important incentives in 2013 than in 2012, the survey
found. Last year, improving quality and pursuing greater flexibility and capacity were
stronger motivators for innovation than in the past, according to the survey, which polled
4,225 C-suite executives.
More companies are adjusting their organizational structures and strategies to encourage
innovation and change. Plante Moran’s report shows, for example, how musical artist Kid
Rock and his promoter, LiveNation, drastically changed the business model for Rock’s
latest tour using steeply discounted ticket prices, a new profit-sharing arrangement and
a sponsorship agreement with Jim Beam. Rather than focusing on the short term, Rock
and his team are thinking creatively to engage more fans with the aim of increasing both
profitability and brand longevity.
meet a looming