Last time, I argued that companies shouldn’t confuse “invention”—the genesis of a breakthrough idea—with “innovation”—the process of turning an invention into a commercial blockbuster. How can that be achieved?

Accenture’s recent innovation research holds the key: organizations that have a holistic, formal innovation process in place have better results. They are consequently happier about the money they have spent.

That satisfaction can be broken down as follows:

Organizations that have a holistic, formal innovation process in place have better results. They are consequently happier about the money they have spent.

A formal innovation process that generates ideas and then successfully commercializes them is obviously the way to go. However, it’s clear that there is lots of room for improvement generally, and that insurers in particular have a long way to go. That’s good news for those with the vision and determination to get such a process up and running.

Next time, to conclude, I’ll share five key characteristics of such a process.

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