Open innovation: a growth powerhouse when integrated with dynamic digital technologies

Purpose The more recent emergence of advanced digital technologies and the acceleration of process digitization, combined with rising stakeholder expectations, have created an urgent imperative for organizations to embrace open innovation. Design/methodology/approach The analysis in this paper is ba...

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Bibliographic Details
Published in:Strategy & leadership 2022-01, Vol.50 (1), p.32-39
Main Authors: Lipp, Anthony, Marshall, Anthony, Dencik, Jacob
Format: Article
Language:English
Subjects:
Automation
Blockchain
Brand loyalty
Business models
Collaboration
COVID-19
Digital technology
Growth rate
Industry 4.0
Innovations
Insurance policies
Internet of Things
Manufacturing
Pandemics
Regulatory approval
Vaccines
Ventilators
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Summary:Purpose The more recent emergence of advanced digital technologies and the acceleration of process digitization, combined with rising stakeholder expectations, have created an urgent imperative for organizations to embrace open innovation. Design/methodology/approach The analysis in this paper is based on a survey 2,379 executives representing 24 industries and 26 countries conducted by the IBM Institute for Business Value. IBV researchers used descriptive statistics to understand innovation trends. To understand the role of open innovation for business performance IBV researchers segmented the sample based on two criteria: extent to which the organization sees open innovation as important for their growth strategy and the extent to which they are effective in advancing open innovation. Findings Ecosystems are key to success with open innovation, creating value opportunities within and across the value chains. 10; Practical/implications Open and interoperable technologies like hybrid cloud, APIs, blockchain and AI allow for many more ways to create value by unlocking hidden potential in existing relationships. Originality/value Open innovation drives growth; new research found that 84 percent of executives think open innovation is important for their future growth strategy.
ISSN:1087-8572
1758-9568
DOI:10.1108/SL-11-2021-0117