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Innovation Portfolio Management and Governance

With innovation investments increasing, it's critical to invest in future potential and have a balanced innovation portfolio management strategy.

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Innovation Portfolio Management and Governance

  1. 1. Provocativethinking,transformativeinsights, tangibleoutcomes GOVERNING INNOVATION The recipe for portfolio growth
  2. 2. Our research reveals that innovation investments and application across portfolios are increasing Companies are expanding innovation spend and spread Investments in innovation are expected to increase 1.8x in the next 5 years. Companies are embracing both incremental and non-incremental innovation across their entire portfolio of businesses.
  3. 3. To assess how companies apply innovation across their businesses we leveraged the Portfolio Innovation Model Portfolio Innovation Apply incremental and non- incremental (breakthrough and disruptive) innovation across businesses of all maturity levels (legacy, growth and emerging) INCREMENTAL INNOVATION Enables small improvements or extensions to existing offerings BREAKTHROUGH INNOVATION Enables new product or service variations, using a new technology DISRUPTIVE INNOVATION Enables an entirely new offering to address an unmet need EMERGING BUSINESSES The most nascent ventures; new business models, yet to be scaled GROWTH BUSINESSES Experiences strong market demand; based on differentiated offerings LEGACY BUSINESSES The oldest, most mature, businesses; provide steady cashflows BUSINESS MATURITY LEVELS INNOVATION TYPES
  4. 4. Companies tend to innovate for longevity or for balance The vast majority of companies manage innovation according to the shape of today’s business of companies innovate for longevity today, dedicating the lion’s share of innovation investments to their legacy businesses. of companies innovate for balance today: most of their innovation investments flow to their growth and emerging businesses. 26% 74%
  5. 5. What is the shape of your portfolio today? 62% 24% 14% MATURE PORTFOLIO Companies that generate 50% or more of their revenues from legacy businesses today 37% 38% 25% INVESTMENT STRATEGY: BALANCE Majority of innovation investments flow to growth and emerging businesses Note: Total Sample N=1,090. Mature portfolio companies N=802 (74% of the total). Balanced portfolio companies N=288 (26% of the total). Percentages represent average revenue generated for each portfolio business for each cluster. The median value shows a similar distribution. Source: Accenture Portfolio Innovation Survey, 2019 Emerging businesses Growth businesses Legacy businesses INVESTMENT STRATEGY: LONGEVITY Majority of innovation investments flow to legacy businesses BALANCED PORTFOLIO Companies that generate more than 50% of their revenues from growth and emerging businesses today Two portfolio models, two investment strategies
  6. 6. 42% 34% 23% 20% Intensify non-incremental innovation Intensify incremental innovation Intensify both non-incremental and incremental innovation Business as usual Percentage of companies expecting double digit growth in their legacy businesses Knowing where to intensify innovation is key Note: Mature portfolio companies are those that generate >=50% of total revenue from their legacy businesses. Sample N = 802. Double digit growth is >=10% CAGR in the next 5 years. Source: Accenture Portfolio Innovation Survey, 2019 Expected impact of innovation type on future growth in the legacy business ~2X For mature portfolio companies, non-incremental innovation in legacy business holds the biggest growth promise 50% 40% 30% 20% 10% 0%
  7. 7. 13% 9% 30% 7% Intensify non-incremental innovation Intensify incremental innovation Intensify both non-incremental and incremental innovation Business as usual Percentage of companies expecting double digit growth in their newer businesses Innovating for balance calls for a more pervasive approach Double digit growth in newer businesses requires intensive adoption of a broad set of innovations for balanced portfolio companies Note: Balanced portfolio companies are those that generate <50% of total revenue from their legacy businesses. Sample N = 288. Double digit growth is >=10% CAGR in the next 5 years. Source: Accenture Portfolio Innovation Survey, 2019 Expected impact of innovation type on future growth in the newer businesses 2.3X 50% 40% 30% 20% 10% 0%
  8. 8. We examined how innovation is and will be governed 84% of companies say that they are taking a more centralized approach to directing innovation. Most companies know that their innovation investments must be managed proactively…. … yet most companies govern innovation haphazardly today. Our hypothesis: the more widespread innovation becomes, the stronger governance it will need Only 12% of companies govern innovation extensively today.
  9. 9. 12 Governance rituals enable innovation Our research found that companies are better able to turn innovation investments into growth when they follow these 12 governance rituals. 1. Put innovation at the center of corporate strategy 2. Actively communicate innovation agenda 3. Actively build a culture of innovation 4. Everyone generates ideas to improve existing offerings 5. Diverse team of experts generates Ideas for brand new offerings 6. Identify disruptive Ideas with the help of tech partners 7. Experimentation investments made as part of budgeting lifecycle 8. Experimentation investments are funded gradually 9. Experiments are conducted by an innovation lab/digital factory 10.Scale with technology partners 11. Scale with talent partners 12.Scale through an innovation lab/digital factory Inspiration Ideation Experimentation Scaling
  10. 10. 80 90 100 110 120 130 140 150 160 170 180 190 200 2013 2014 2015 2016 2017 2018 2019e 2020e 2021e 2022e 2023e Revenue growth and commitment to innovation governance Revenue Trajectory (Past: 2013-2018 and Future: 2019 to 2023 Estimated); (2013 = 100)*** Sample: N= 881 Note: * Extensive innovation governance: adoption of 6-12 rituals (133 companies remain in this group in the future). ** Selective innovation governance: adoption of <6 rituals (206 companies remain in this group in the future). 748 companies expect to switch from selective to extensive innovation governance in the future. *** Normalized revenues for 2013-2018 were obtained by first adding the revenues of all companies in the respective cluster, and then equating the sum for 2013 to 100. Future revenue CAGR was estimated using projected overall revenue growth rates between 2019-2023. Sources: Accenture Portfolio Innovation Survey, 2019, Capital IQ, Accenture Research Analysis 5.9% CAGR Revenue trajectory of companies adopting *extensive innovation governance (past and future) Revenue trajectory of companies switching from **selective innovation governance (past) to *extensive innovation governance (future) 7.2% CAGR RevenueTrajectory 6.5% CAGR 100 2.9% CAGR More is more Companies that govern innovation extensively delivered 2x revenue growth compared to those following a haphazard approach
  11. 11. Looking ahead Choose your portfolio model and investment strategy Govern innovation to grow Mature Portfolio Investment Strategy: Longevity If you expect to generate 50% of revenues or more from your legacy businesses in the next 5 years, and that is where strongest growth is expected… Balanced Portfolio Investment Strategy: Balance If you expect to accelerate revenue generation from growth and emerging businesses in the next 5 years… …get more disciplined in the way you experiment with and scale new ideas, especially those that rely heavily on new technologies. …get more disciplined in the way you generate and test new ideas. Look outside your organization for disruptive ideas with the right partners. Source: Accenture Research Analysis
  12. 12. About the research In order to better understand how portfolio companies approach innovation, how they allocate innovation investments across different businesses and how they manage those investments, we structured our research in three phases: 1. 20 in-depth interviews with corporate, non- corporate and academic innovation experts 2. Phone-based survey with senior executives from 1,090 companies above $1 billion in annual revenues 3. Financial analysis on revenue growth for the 1,090 surveyed companies 11 industries Automotive Banking Chemicals Communications & Media Consumer Goods & Services Energy Health High Technology Life Sciences Software & Platforms Utilities Organization Level 56% 25% 8%11% 0% 10% 20% 30% 40% 50% 60% US$1-9 Billion US$10-29 Billion US$30-49 Billion US$50 Billion or more ANNUAL REVENUES Australia, Brazil, Canada, China, France, German, India, Italy, Japan, Netherlands, South Africa, Spain, Switzerland, US, UK 15 COUNTRIES 20% C–suite 16% VP/Director 64% Senior Manager Functional Area 4% Innovation 6% Research and Development 23% Strategy 26% Marketing 41% Operations
  13. 13. Tell me more www.accenture.com/portfolioinnovation Join the conversation @AccentureRSRCH Why innovation needs more governance Dr. Vedrana Savic Managing Director, Thought Leadership Accenture Research vedrana.savic@accenture.com Paul Daugherty Chief Technology & Innovation Officer Accenture paul.r.daugherty@accenture.com Kevin Millan Senior Principal, Thought Leadership Accenture Research kevin.millan@accenture.com Paul Nunes Global Managing Director, Thought Leadership Accenture Research paul.f.nunes@accenture.com Acknowledgements The authors would like to thank Koteswara Ivaturi, Victor Ekpu, Himanshu Patney, Dave Light and Paul Barbagallo for their work and contributions to this report.
  14. 14. About Accenture Research Accenture Research shapes trends and creates data-driven insights about the most pressing issues global organizations face. Combining the power of innovative research techniques with a deep understanding of our clients’ industries, our team of 300 researchers and analysts spans 20 countries and publishes hundreds of reports, articles and points of view every year. Our thought-provoking research—supported by proprietary data and partnerships with leading organizations, such as MIT and Harvard Business School—guides our innovations and allows us to transform theories and fresh ideas into real-world solutions for our clients. www.accenture.com/research About Accenture Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions—underpinned by the world’s largest delivery network—Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With 482,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com. Copyright © 2020 Accenture. All rights reserved. Accenture and its logo are registered trademarks of Accenture.