Innovation Still Valued At Technology Companies

Despite cutbacks and shrinking revenues among technology companies, innovation is still valued, according to a recent survey of 150 corporate leaders by consultancy PricewaterhouseCoopers. The survey of CFOs and managing directors found that 81% of top technology industry executives say innovation has been made an organization-wide priority in their businesses. And of that group, 54% rate their business' level of innovation as superior to that of their one or two strongest competitors -- 17% say "much better," and 37% say "somewhat better." Also, this group expects to grow revenues over the next year 25% faster than their peers who have not embraced innovation. "Today's continuous, rapid advances in technology make innovation critical not only for individual businesses, but also for our entire economy," says George Bailey, an innovation expert at PricewaterhouseCoopers. "Fresh ideas lead to new and better products and services that are worth a premium to customers. Moreover, innovation is freeing workers to do their jobs more efficiently, creating additional value for their employers." Innovation has had a positive impact for these companies in many areas, with the greatest impact being felt in new product and service development (83%), followed by revenue (80%), earnings or profit margins (77%), and efficiency (72%). The survey was conducted by BSI Global Research Inc. for PricewaterhouseCoopers' "Technology Barometer" series.

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