Press Release - Deloitte Study Analyzes 'Innovation Paradox' Launching New Products Is No. 1 Driver of Revenue Growth; Innovation Remains Dangerously Low Priority - I'm starting to wonder why so much research is being distributed in the middle of press releases nowadays - but stuck in the middle of this one for Deloitte and Touche are a few nice stats that - although not surprising - are always nice to have up to date numbers for. D&T did a study of 650 manufacturing companies worldwide and found that:
1) Manufacturers cite launching new products and services as the No. 1 driver of revenue growth
2) They also view supporting product innovation as one of the least important priorities. (Nice little contradiction there, eh? Although to be fair - I've seen several of reports citing Innovation process as no1 amongst CEO priorities - could this be just a Manufacturing industry issue - or a reflection of whom in the companies D&T were talking to?...)
3) 50 to 70 percent of all new product introductions fail. (I've had figures as high as 80% quoted to me in the past)
4) New product revenue will jump to 35 percent in 2006, up from just 21 percent in 1998. (Although if none of them are supporting their innovation process, it'll be interesting to find out where they think all the new products required to generate that will show up)
5) By 2010, products representing more than 70 percent of today's sales will be obsolete due to changing customer demands and competitive offerings.