Bangalore, India– TE Connectivity has unveiled key differences in how engineers and executives approach innovation. Industrial Technology Index, conducted by TE Connectivity, was a global survey of how companies innovate. The report analyzes the results of an online survey taken by engineers and executives working in a broad range of industries at companies located in the United States, Germany and China.
Innovation is an important key to business success. Misalignment around how to achieve it or even how to define it is making it more difficult for companies to achieve success.
“Our findings emphasize the importance of collaboration and shed light on the qualities that organizations must have if they hope to continue innovating in the current economic environment and beyond,” said CEO Terrence Curtin.
Survey Result:
According to the survey, the difference in how executives and engineers approach innovation begins with how they define it. Fifty-seven percent of executives said innovation is a total transformation. Further, 55% of engineers define it as an iteration or improvement. The potential impact of this disparity is reflected in the data. Nearly half of the engineers say their organization’s goals for innovation are unrealistic and that they struggle to meet them. Only 34% of executives agreed.
Although there may be disagreement in what innovation truly means, it remains important to both groups surveyed. In fact, 90% of executives and 88% of engineers rank it as their organization’s top priority. The areas of renewable energy and cloud computing being a particular focus in the near future. Investment in innovation is a sticking point, however–83% of engineers think their company needs to fund innovation more to meet their goals, while 53% of executives see the need.
The survey unveiled a potential misalignment between engineers and executives on the importance of sustainable innovation. One in five engineers says their company does not have a clear strategy for implementing sustainable practices.
“As we innovate, it’s vital that TE and companies across industries keep sustainability at the forefront as we collaboratively work toward a better tomorrow,” he said.
TE has published a full analysis of the survey results. It has identified 10 key takeaways for consideration as they refine their innovation culture within their organizations.
Meanwhile, view the Industrial Technology Index at te.com/techindex.
