How Digital Tools are Transforming Innovation – WiredPosted: November 6, 2013
The competition to develop new and better products and services is only intensifying. One big reason for that is the increasing digitization of all areas of life. The good news is that digital tools can also make innovation more efficient and give companies more insight into their customers.
Spending on innovation by companies around the world jumped 5.8 percent in 2013 to a total of $638 billion, according to Booz & Company’s most recent study of trends in corporate R&D. This year, according to the survey we sent out in conjunction with the study, a significant portion of that money (just over 8 percent, or $52 billion) went to the purchase and support of a variety of digital tools intended to support and energize the innovation process.