In a world where disruption is now the norm, no professional firm can ignore the imperative to innovate. Failing to do so is an invitation to fall behind.
To help you assess how innovative your firm is compared to other firms in your industry sector, Spiranti has developed our unique benchmark tool to provide data-driven insights into the reality of innovation and technology adoption in the professional services sector.
Taking part in the benchmark enables you to:
- See how you compare to other firms like yours – view the results by sector, and firm size.
- Understand the strategies developed by your direct competitors.
- Measure your progress against best practice – are you an innovation pioneer or are you at risk of falling behind?
- Obtain data-driven benchmarks on:
- Investment in innovation
- Usage of advanced technologies, such as AI, and robotics
- Innovation strategies, culture, governance, and processes
- Identify areas of focus for optimising your innovation strategy – taking into account your size, culture and competitive position.
The benchmark is based on the Spiranti Six Essentials framework
- Leadership – Does your leadership accept that innovation is critical and do you have a clear innovation strategy?
- Investment – Do you invest in a coherent portfolio of initiatives?
- Innovation process – Have you developed an innovation method that suits your firm?
- Technology – Do you invest in the right technologies, and are they used effectively?
- Collaboration – Are you collaborating with the right people and organisations?
- People – Do you have the people and culture?
Firms getting benefits but revenues have not increased significantly
- Although in many areas firms are getting results, only 17% have significant revenue increases as a direct result of innovation.
- However, on a positive note, 65% have launched new products and services and 57% say that innovation has made employees’ lives easier.
Less than half have a documented innovation strategy or structured innovation process
Ideas initiatives popular
- Over two-thirds of firms are using ideas initiatives to gather inspiration from staff
- Far smaller percentages are using project management techniques such as agile or lean (45%), design thinking (28%) or incubators (22%)
Half of firms are setting aside budget for innovation
- 51% of firms say they have a dedicated innovation budget
- Where firms do have a budget, they are often small – around 2% is typical
- Only 30% are using KPIs to measure innovation, making it hard for firms to justify bigger investment
A risk averse culture
- Only 26% agree their firm has a culture of “taking risk, failing fast and trying again”.
An unwillingness to commit time and money
When we explored that barriers to innovation the top ranked factors were “budget constraints” and “staff are too busy to spend time on innovation”. This suggests that many professional firms are unwilling to commits significant financial or time resources to innovation. May be the reason is that professional firms have performed well in the last few years – 36% say there is “burning platform – the business is doing fine”.
Despite the very real barriers to innovation, there were many examples of successful innovation from survey respondents. Those seeing success are:
- Creating a long term vision for transformation, providing relentless and enthusiastic leadership, adopting a culture of perseverance and embracing failure;
- Starting with the pain points not the technology, using design thinking and other innovation techniques, and collaborating with clients;
- Creating sufficient budget to drive innovation but applying it through a proper innovation process;
The benchmark takes only 10 minutes to complete. In return for taking part, you will be provided with your own tailored report showing your performance vs your peers.
Contact Ben Kent if you want to find out more about the benchmark. email@example.com.