Innovation is returning to center stage after being pushed to the wings over the past three years, during which time German companies focused mostly on cost-cutting. Innovation management is now considered as an important lever for more growth and is therefore high on the agenda of German managers.
Today, systematic innovation management is considered a way to guarantee business success: Companies that generate less than 10 percent of their turnover with new or newly designed products are in danger over the long term.
Companies pursue different methods to trace new trends: Innovative companies conduct systematic future research and question their sales staff more frequently than companies with low innovative drive. Products that are developed without feedback from staff often do not make it on the market. To avoid such mistakes, responsibility for innovation must be bundled, if possible under the responsibility of a managing board member, the consultants said.