Does culture hurt or help innovation? Plante Moran asks Midwest businesses to examine another side of innovation in fifth annual survey

SOUTHFIELD, Mich., June 23, 2014 – Building on the findings from last year’s survey, Plante Moran is back for a fifth year asking businesses throughout the Midwest to identify the link between culture and innovation.

The fifth annual innovation survey from the public accounting, tax and business advisory firm again asks Midwest businesses and organizations to share how they use innovation to increase revenue, improve quality and cut costs. New to this year’s survey, businesses and organizations will be asked to share their cultural values and practices and explore how culture affect activities and initiatives that drive innovation.

The five-minute online survey, which is available here, asks C-suite executives and innovation team leaders to answer questions designed to measure innovation and activity, the business value of innovation, and drivers and constraints on innovation. Last year, executives from more than 225 businesses, nonprofits and governmental entities from Michigan, Illinois, Ohio and Indiana took the survey, which found that:

• An increasing number of organizations tied innovation to sustainability and growth
• Three out of four respondents thought collaboration, rather than going it alone, speeds innovation
• Organizations were taking the necessary steps to provide a richer environment to spur innovation

All survey participants will receive a report outlining the findings from this year’s survey. Plante Moran will publish their findings in a white paper and hold a webinar to review overall results. The study wraps up in mid-July.

“Last year’s Plante Moran innovation survey uncovered some intriguing insights into the role of collaboration in the innovation process,” said Gordon Krater, Plante Moran managing partner. “On the global stage, we are seeing an increasing need for collaboration – even among traditional rivals – in order to be successful. We hope this year’s survey will shed additional light on how businesses and organizations can collaborate effectively with their customers, vendors, colleges and universities, entrepreneurs and others to drive innovation.”

For each survey submission, Plante Moran will donate $5 to Camp Invention. Created by the National Inventors Hall of Fame, Camp Invention is the only nationally recognized summer program focused on creativity, innovation, real-world problem solving and the spirit of invention. The fun, hands-on activities revolve around science, technology, engineering, math and other evolving topics. Camp Invention is a program of the nonprofit organization Invent Now and has partnered with the U.S. Patent and Trademark Office to give as many children as possible the opportunity to learn key concepts from quality educators.

ABOUT PLANTE MORAN
Celebrating its 90th anniversary in 2014, Plante Moran (www.plantemoran.com) is one of the country’s largest certified public accounting and business advisory firms, providing clients with tax, audit, risk management, financial, technology, business consulting and wealth management services. Plante Moran has 22 offices and a staff of more than 2,000 professionals, throughout Michigan, Ohio and Illinois, with international offices in Shanghai; Monterrey, Mexico; and Mumbai, India. Plante Moran has been recognized by a number of organizations, including FORTUNE magazine, as one of the country’s best places to work.

 

Findings in Plante Moran’s annual innovation survey reveal major gains, with momentum continuing into 2014

SOUTHFIELD, Mich., Oct. 11, 2013 – Innovation is a priority for 94 out of 100 business leaders according to Plante Moran’s 2013 Innovation Survey results. That is 15 points higher than last year and indicative of a trend consistent with other recent high-profile surveys focused on corporate innovation.

2013 saw major gains in innovation:
• More organizations tie innovation to sustainability and growth (94 percent this year as opposed to 79 percent in 2012)
• Three out of four respondents think collaboration, rather than going it alone, speeds innovation
• New or improved products increased 10 percent, to 71 percent this year as opposed to 61 percent in 2012
• New or improved processes increased 7 percent, to 85 percent; it was 78 percent last year
• Innovation as part of strategy increased 8 percent this year, to 74 percent
• New or improved services increased by 4 percent, to 71 percent

Findings in the annual Plante Moran survey reveal strong evidence that organizations are taking the necessary steps to create a richer environment for innovation. New or improved strategies, management techniques and organizational structure all increased 3 percent year over year.

In an effort to support the increased appetite for innovation, the CPAs and consultants of Plante Moran used the survey results as a jumping off point and offer a companion report with case studies in collaboration and game changing business models, as well as conversations with experts in entrepreneurship, commercialization, innovation strategies and global matchmaking — all topics relevant to the survey respondents.

“Based on our data and that of our collaborators, we feel justified in saying that 2013 saw major gains in innovation,” said Chris Jones, leader of the Plante Moran innovation team. “And we wanted to do more than just report on the survey results. We wanted to provide information that business leaders could use. In addition to benchmarking innovation attitudes and practices, our report engages more than 50 experts, provides the best practices, and warns against pitfalls.”

Going Global
Plante Moran survey data indicates that entering new markets is the number one reason for small and middle-market companies to collaborate. Accordingly, Jones points to an article in the report that brings together experienced global alliance matchmakers to help middle market companies understand what makes a good partner.

Collaboration
Surfacing this year was a trend toward seeking business partners for collaboration. Three out of four Plante Moran survey respondents said they were fully convinced that they could be more successful with innovation through partnership and collaboration. Supporting this finding, the report looks at how fierce competitors General Motors Co. and Ford Motor Co. overcame barriers to work together to develop 9- and 10-speed transmissions.

Research and Development
Finding new sources for innovation was another trend among the respondents to the Plante Moran survey. The report explores options like incubators, research institutions, and ecosystems. There is also a discussion about when a middle market company should consider separating its R&D from operations to maximize results.

The innovators that contributed to Plante Moran’s study talk about a can-do attitude, and the report echoes that newfound confidence.

Five organizations collaborated with Plante Moran on its 2013 Innovation Survey: The National Center for the Middle Market, The TEC Institute at Fisher College of Business at The Ohio State University, Detroit CBS Radio/Technology Report, World Industrial Reporter and NewNorth Center for Design in Business. To read the Plante Moran 2013 Innovation Study, please visit: innovation.plantemoran.com.

In addition to the study, Plante Moran also offers a series of webinars on various business and tax-related topics. For a complete listing of Plante Moran’s fall webinar series, registration and CPE information, please visit webinars.plantemoran.com.

ABOUT PLANTE MORAN
Plante Moran is among the nation’s largest certified public accounting, tax and consulting firms and provides a full line of services to organizations in the following industries: manufacturing and distribution, financial institutions, service, health care, private equity, public sector and real estate and construction. Plante Moran has a staff of more than 2,000 professionals in 21 offices throughout Michigan, Ohio, and Illinois with international offices in Shanghai, China; Monterrey, Mexico; and Mumbai, India. Plante Moran has been recognized by a number of organizations, including FORTUNE magazine, as one of the country’s best places to work. For more information, visit plantemoran.com.

How innovative is your business? Plante Moran asks Midwest businesses to evaluate their “IQ” in third annual survey

SOUTHFIELD, Mich., June 18, 2013 – Building on the findings from last year’s Innovation Quotient survey, Plante Moran is back for a third year asking organizations throughout the Midwest what fuels innovation in their organizations.

The third annual innovation survey from the public accounting, tax and business advisory firm will again ask Midwest businesses and organizations to share how they use innovation to increase revenue, improve quality and cut costs. New to the survey this year will be three sections exploring collaboration, which was identified by the 2012 innovation “superstars” as key to their success.

This year the survey will continue to chart attitudes toward innovation and investigate the level of interest in and perceived barriers to partnering for innovation.

“Our goal for the survey is to provide a better understanding of the innovation process,” said Gordon Krater, Plante Moran managing partner. “Last year our analysts charted the characteristics of innovators and documented techniques for improving innovation efforts. This year we’re building on that effort and we consider the survey a conversation starter among organizations looking for ways to improve. The more people who contribute to the conversation, the stronger the information we have to share.”

The 10-minute survey, which is available here, asks C-suite executives and innovation team leaders to answer questions designed to measure innovation activity, the business value of innovation and drivers and constraints on innovation. Last year, executives from more than 550 businesses, nonprofits and governmental entities from Michigan, Illinois, Ohio and Indiana took the survey, which found that:

  •  Organizations that make a deliberate choice to build and nourish innovation can earn a significant payoff for their efforts.
  •  Survey respondents said they generated 16 percent of their revenue from new products or services introduced in the last three years.
  •  Innovators can be divided into four categories, from “accidental innovators” who dabble to “superstars,” who adopt deliberate innovation practices, establish budgets and publicly reward employees for ideas that emerge.

All survey participants will receive a customized report benchmarking their organization’s Innovation Quotient against best-in-class practices. All participants will get an advanced release of the report. The study wraps up in mid-July.
This year’s partners for the survey include: the National Center for the Middle Market, NewNorth Center, the Technology Entrepreneurship and Commercialization Institute at The Ohio State University, the Technology Report at CBS Radio in Detroit and the “World Industrial Reporter.”

ABOUT PLANTE MORAN

Plante Moran is among the nation’s largest accounting, tax and consulting firms and provides a full line of services to organizations in the following industries: manufacturing & distribution, financial institutions, service, health care, private equity, public sector and real estate and construction. Plante Moran has a staff of more than 2,000 professionals in 21 offices throughout Michigan, Ohio, and Illinois with international offices in Shanghai, China; Monterrey, Mexico; and Mumbai, India. Plante Moran has been recognized by a number of organizations, including FORTUNE magazine, as one of the country’s best places to work. For more information, visit plantemoran.com.

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