Become, powered by Mastercard and the Harvard Business Review Analytic Services’ Business Innovators Index*, is annual research that aims to answer this question. By illuminating the perspective of business leaders across continents and industries, the definition of innovation in today’s customer-centric environment comes into clear view.
Become also provides the actionable insights and roadmap needed to spark innovation—all informed by the extensive research and diverse input from key innovative businesses around the globe.
And although the definition of innovation has many nuances, the research shows that the most innovative companies share a set of common traits, including speed, data-driven decision making, commitment from the top, an entrepreneurial culture, and a relentless focus on the customer.
Yet with only 17% of organizations categorized as innovation leaders within the Business Innovators Index, some may wonder: Is innovation truly worth the time and resources?
The answer is a resounding yes. The study shows that nearly 30% of innovation leaders have seen their revenue grow 20% or more over the past two years, while only 14% of laggards have seen their top line grow that much. The most innovative companies also reap the benefits of better employee retention and higher customer lifetime value.
As a tool to diagnose where organizations stand on the innovation spectrum, Become exists to help companies change the world with breakthrough products and services that capture the hearts and loyalty of consumers.
Use Become as the roadmap for your organization. Whether launching, refining, or reinventing your innovation journey, it will inspire your most forward-thinking ideas.
*For more information on the methodology of the Business Innovators Index, download the “Innovators Become Leaders” report.