Mastercard, Harvard Business Review Analytic
Services Offer Candid CEO Insights, 50 Actions That Can Spark
Positive Change and Innovation
Innovation is a prized concept across the business world. It’s a
word many people use to draw eyeballs and support recruitment
activities. But, has anyone ever really stopped to think about what
innovation is and how it can drive a business?
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The Mastercard-sponsored report by
Harvard Business Review Analytic Services identified 5 key traits
of innovators. (Photo: Business Wire)
Mastercard and Harvard Business Review Analytic Services today
unveiled Become 2020, the inaugural edition of an
innovation-focused research initiative. Become includes the
Business Innovators Index and an associated report, Innovators
Become Leaders, which explores the key differentiators that
separate the leading innovators from their peers.
“It’s more important than ever for companies of any size to be
innovative and creative. It’s our lifeblood,” said Ajay Banga,
president and CEO of Mastercard. “This study offers insights and
experience from several of the world’s leading thinkers to help
others spark the creativity and culture to drive their
business.”
Understanding Innovation
Over the past six months, Harvard Business Review Analytic
Services (HBRAS) asked more than 1,000 executives how their
organizations approach innovation across five key areas – process,
human capital, funding, customer experience, and data and
technology. Additionally, more than 1,000 global consumers were
surveyed to see whether businesses are properly prioritizing what
matters most to their customers.
After analyzing the responses, HBRAS developed the Business
Innovators Index, with 100 representing the peak of innovative
strategy, frameworks and behaviors. The study revealed that while
most organizations understand the importance of innovation for
growth and success, the majority do not effectively execute on
their ideas.
Using the organizations’ self-reported responses to 40
behavioral and attitudinal questions, three groups were
identified:
- Leaders – possessing the broadest
range of innovation capabilities. This group had a mean innovation
score of 88
- Followers – having capabilities in
some innovation pillars. They had a mean innovation score of 66 and
represented 42 percent of all respondents
- Laggards – lacking a wide range of
innovation capabilities. This group had a mean innovation score of
37
Activating Insights
The report identified several key ways companies can embrace,
launch or reinvent their innovation journeys:
- Speed Wins: Innovators need to think in quarters and
weeks, not years. Nearly all (96 percent) of innovation leaders
bring new ideas and solutions to market quickly as opposed to 17
percent of laggards
- Data as an Accelerant: Real innovators draw insights
from multiple data sources, as business intuition alone does not
scale. In fact, 73 percent of leaders draw from both internal and
external data sources
- Prioritize Now: Innovation can’t be an afterthought.
Nearly 90 percent of innovation leaders prioritize their efforts at
the highest levels of the company. This helps ensure the right
budget and buy-in to feel more than incremental improvements
- Culture Counts: Organizations need to empower employees
to act like entrepreneurs. Not only does this create a culture
willing to accept risk, but it leads to a broader pipeline of
ideas, as seen by 84 percent of innovation leaders
- Focus, Focus, Focus: Nearly half of consumers say that
they expect companies to develop new products, services and
features to meet their needs. Organizations need to prioritize
breakthrough ideas or risk falling behind customer demands
“Throughout life, we are all on a journey to figure out what we
can do more and what we can become. One of the reasons we are drawn
to innovation is because we want the world tomorrow to be better
than the world today,” said David S. Ricketts, innovation fellow at
the Technology and Entrepreneurship Center at Harvard University.
“Corporations have driven most of the innovations we’ve seen and
Become 2020 draws the roadmap for how organizations should continue
to do so in the year ahead –with diversity, accountability and a
clear creative vision.”
Master Class from the World’s Leading CEOs
As a special companion piece to the report, Mastercard and HBRAS
also developed The CEO’s Innovation Playbook, a look at 50 actions
that can spark change, according to 12 of world’s most prestigious
chief executives. These executives represent some of today’s
leading organizations, including Accion, Bass Pro Shops, Citi, The
Coca-Cola Company, IBM, Lyft, PayPal, Ronald McDonald House,
Salesforce, ServiceNow, University of Maryland, Baltimore County
and Verizon.
“Innovation is at the core of everything that Accion does. In
order to meet the financial needs of the three billion people who
are left out of, or poorly served by, the global financial system,
we must disrupt the status quo,” said Michael Schlein, president
and CEO of global nonprofit Accion. “We are constantly rethinking
how to harness new trends to create better, faster, cheaper and
safer financial services for the underserved. These insights will
help us continue to embrace innovation in pursuit of our
mission.”
University of Maryland, Baltimore County president Freeman
Hrabowski added, "As a university focused on impact, we've found
that innovation happens when we take an honest look in the mirror,
leverage data to help assess our efforts, and stay focused on our
values."
To download the full Become 2020 reports – Innovators Become
Leaders and The CEO’s Innovation Playbook – please visit
BecomeIndex.com or HBR.org.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology
company in the global payments industry. Our global payments
processing network connects consumers, financial institutions,
merchants, governments and businesses in more than 210 countries
and territories. Mastercard products and solutions make everyday
commerce activities – such as shopping, traveling, running a
business and managing finances – easier, more secure and more
efficient for everyone. Follow us on Twitter @MastercardNews, join
the discussion on the Beyond the Transaction Blog and subscribe for
the latest news on the Engagement Bureau.
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Mastercard Communications Jennifer Langione
jennifer.langione@mastercard.com +1 914-408-2941
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