The Innovation Challenge

The presentations, panel discussions, and workshops, at the ARC Advisory Group's recent 19th Annual Industry Forum in Orlando, Florida, stimulated many lively and thought-provoking discussions around technology and innovation. While innovation has always been an important factor for success, today's ever-increasing competition further emphasizes its role in achieving competitive advantage. As Chet Mroz, President and CEO of Yokogawa Corporation of America, pointed out during a panel discussion, there's now a trend to appoint a Chief Innovation Officer and assigning key people to this new function.

The Rise of Chief Innovation Officer
Companies across all industries face tremendous pressure to simultaneously increase shareholder value, expand the business, cut costs, increase sales, and innovate. Usually, the Chief Executive Officer, the highest ranking executive, is responsible for driving innovation along with handling other major responsibilities. These typically include managing the overall operations, making major corporate decisions, and acting as a liaison between the board of directors and employees. However, burdened with so many responsibilities a CEO may not be able to pay appropriate attention to innovation. The rapid, technology-driven transformations in today's business world requires focused attention. Based on this realization, many corporations have assigned key people to drive innovation.

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Keywords: Innovation; Strategy; Chief Innovation Officer; Open Innovation; Crowdsource Innovation; Internet of Things; Innovation Culture, ARC Advisory Group.