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Leading companies embrace failures and feedback to fuel innovation

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9th Nov 2012
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Innovative companies not only allow failure in their organisation, but they actively welcome it as an opportunity to learn and develop more successful ideas.

A new report by the Economist Intelligence Report, Cultivating business-led innovation, also found that 54% of the top innovators surveyed said they scrutinised customer comments from direct interviews and social networks, and studied customer data for innovation inspiration.
The smaller businesses in the study (those with US$500m or less in annual revenue) were most likely to incorporate customer feedback in product design and testing by means of direct interviews, while large companies (with annual revenue of US$1bn and above) would also utilise customer feedback, but were more likely to tap into social networking and sentiment analysis in search of customer focused innovations.
However, the study, sponsored by Oracle, also demonstrated that a large number of organisations are not effectively capitalising on resources to foster innovation.
Nearly half (49%) of respondents to the EIU’s global survey for this report said their companies had no system in place that helps them learn from failures.
Furthermore, a lack of education concerning disruptive technologies is also hindering innovation. While respondents said Big Data and social media were the greatest opportunity for company innovation, executives admitted that they had a lack of knowledge of how to best leverage the technologies, with only a small number (15%) saying they were unhindered in embracing the new technology trends.

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By rpelke
09th Nov 2012 22:53

Customer feedback is always something to learn from. It is important to use the information customers give you, and figure out how to fix it. When wrong behavior isn’t addressed, you are setting yourself and your employees up for failure. Take these negatives, and turn them into positives!

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