SOUTHFIELD — Plante Moran PLLC and NewNorth Center are calling on Midwest businesses and organizations to share how they use innovation to increase revenue, improve quality and cut costs in a survey to be distributed Tuesday.
The second annual Innovation Quotient survey from Plante Moran, the public accounting, tax and business advisory firm, and NewNorth, the executive education and innovation training institute, will help define and benchmark innovative practices. These include concepts that are relevant to specific industries.
The 15-minute survey targeting C-level business executives asks questions that measure innovation initiative and activity, the business value of innovation, and drivers and constraints on innovation.
This year, Plante Moran and NewNorth are collaborating with 23 industry organizations, trade groups and business organizations in Illinois, Michigan, Indiana and Ohio to identify innovation issues and to distribute the survey to their members. This year’s survey focuses on measuring the true value of innovation from revenue-producing and cost-saving standpoints. A set of industry-specific questions has been added to focus on products, services, and processes that are relevant to certain industries.
More than 500 business leaders from Michigan, Ohio and Illinois participated in last year’s Innovation Quotient survey, which found that:
* Executive teams must embed innovation into their corporate strategy
* Patents are only one of many indicators of innovation
* Formal development and commercialization processes are critical
* Budgeting for innovation translates into accountability
* Rewards are essential
“We hope to learn more about what drives innovation and share those findings so that we can contribute to the body of knowledge about what helps organizations to grow,” said Gordon Krater, Plante Moran managing partner. “The increased number of collaborators in this year’s survey underscores the importance of continuing to gauge our innovation quotients as a factor in the success of our businesses and our communities.”
This year’s collaborators include: Chicagoland Chamber of Commerce, Columbus Chamber, Community Bankers Association of Illinois, Detroit Regional Chamber, European-American Chamber of Commerce, Grand Rapids Area Chamber of Commerce, Holland Area Chamber of Commerce, Illinois Health Care Association, Illinois Manufacturers’ Association, Indiana Bankers Association, Lakeshore Advantage, Michigan Community College Association, Michigan Bankers Association, Michigan Council of Women in Technology, Midwest Technology Leaders Conference, Ohio Association of College & University Business Officials, Ohio Health Care Association, Ohio Manufacturers’ Association, PolymerOhio Inc. and The Right Place.
All survey participants will receive a customized report benchmarking their organization’s Innovation Quotient against innovation’s best-in-class practices. Plante Moran and NewNorth will publish their findings in a white paper and hold a Webinar to review overall results. The study wraps up in mid-June.
“We look forward to deepening our understanding of how to make innovation more intentional and profitable within a business setting,” said Nate Young, president of NewNorth Center. “In our second annual survey, we hope to further demystify the process of innovation and provide meaningful benchmarking opportunities for businesses and organizations.”
For more information, to view or participate in the survey, visit http://www.innovationquotientsurvey.com/ .