Fewer than one in three of the respondent companies have innovation programs with purview over the development of new products, according to the Econsultancy study. “Those that do [have defined innovation programs] report significant benefits in interviews and open responses, most notably that the practice puts an emphasis on high margin or high value products that other sources don’t.”
For the companies without defined innovation programs, key product development ideas mostly come from senior management (80 percent), customer requests (72 percent), the sales and marketing team (62 percent) and competitors (56 percent).
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