German industry feels strong pressure to innovate – Study

August 16, 2016 | News Germany

“The market demands ever faster innovations. Companies have recognized this, but are not always exactly clear about how to deal with this in their daily business,” explains Martin Haas, founder and Executive Board member of the Staufen Management Consultancy. For example, 40 percent of the surveyed companies are uncertain as to the design of this innovative work against the backdrop of new technological developments – and with regard to the electrical industry, this applies to more than half of companies.  Despite this uncertainty, there is a general feeling of change regarding the generation of new ideas. The consequence: For more than two-thirds of participants in this study, innovation work already takes a different form from the past, and for the electrical industry, this figure even shoots up to 90 percent.  “Creativity alone is no longer enough these days. Shorter innovation cycles require a lean innovation process,” Staufen Executive Board member Haas explains. He recommends that companies support innovations within a structured process and work with trusted Lean methods in a similar manner to that used for production. Six out of ten industrial companies have already adapted their innovation work to shorter cycles. However, this is of little help if the desired result is not achieved. It becomes apparent that on average only 38 percent of all ideas succeed in the market and thus produce an economically viable outcome for the company. As so often, it is the automotive industry which sets the gold standard; in that industry, at least every other idea generates economic success. “This is still not enough,” stipulates innovation expert Haas. “Successful innovations center on what customers want and not on what is technically feasible. Here, too, a focused Lean innovation process can help to set the right priorities.” You can request a copy of the study ”Industrie-Monitor: Innovation 2016“ by contacting: 
Kathrin Kurz,   Press release (.pdf) Press release (.rtf)  Download the press graphics as .jpeg (in German)

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