Impact and Innovation
Impact on Profitability:
Why innovative companies do better?
A recent survey by EY found a huge disconnect between how innovative directors thought their companies were, and how innovative employees thought their companies were.
“These findings tell us that companies must be more proactive in engaging all of their people in the innovation conversation,” EY say.
This failure to innovate is having a profound impact upon company success. Research from the university of Houston found a direct correlation between investment in innovation and both profitability and stock market performance. Work from the University of Nottingham highlighted the benefits of getting the whole organisation involved in innovation.
A recent study has shown that a high number of ideas correlated positively with the company’s profitability and growth.
Impact on well-Being & Resilience:
Several studies have shown that enhancing the innovation and divergent thinking abilities of the workforce has a positive impact on their well-being, coping with stress strategies, psychological capital, and resilience.
Well-being has been shown to have reciprocal effects on work-related outcomes such as job satisfaction and employees engagement.
The ability to ask questions to better understand how things really are today, why they are that way, and how they might be changed or disrupted.
Meeting people with different ideas, backgrounds, and perspectives.
Connecting the unconnected across questions, problems, or ideas from unrelated fields.
Scrutinizing customer, supplier, and competitor behaviors to identify new ways of doing things.
Constructing interactive experiences that provoke unorthodox responses to see what insights emerge.
Can we boost it? Yes we can!
According to several studies quoted in
the Innovator’s DNA bestseller,
“roughly two-thirds of our innovation
skills still come through learning—from
first understanding the skill, then practicing it,
and ultimately gaining confidence
in our capacity to create.”
Creative Thinking and Brain Wave Activity
Beam Riders has run a one-year study measuring brain save activity of university students while using Beam’s Alternate Uses and Complete Drawing Tests, and found that high scores, as evaluated by two external experts, correlated positively with alpha and theta brain wave activity in accordance with previous findings in the literature.