Consumer Electronics Industry Needs to Overhaul How It Manages Innovation
Consumer electronics companies around the world have been hit hard by the ongoing economic downturn. To overcome these challenges, the industry needs to overhaul the way it manages innovation. This conclusion is based on my work with clients and new innovation research findings Accenture recently completed. The research involved interviews with consumer electronics corporate executives working for global companies based in the United States, Europe and Asia/Pacific.
The research, which is relevant to attendees at next week’s Consumer Electronics Show in Las Vegas, found numerous flaws with innovation such as:
· Disconnected and uncooperative business units;
· Opposing internal forces;
· Insufficient cross-operational knowledge of innovation projects;
· Overemphasis on short-term financial results instead of longer term investments;
· Opting for product or service line extensions instead of developing new ideas;
· Failing to learn from mistakes; and
· A tendency towards risk aversion.