Innovative Strength: German Industry Falls Short of its Potential
Industrial companies are regarded as exceptionally innovative – particularly German ones. However, a current study by specialty chemicals company ALTANA indicates that many managers of industry in Germany believe there is a need for action in their own companies. One reason for this is that the companies are lacking a culture of innovation. Young industry professionals are also concerned because they are often working in environments that do not allow them to realize their full innovative potential. These are the results of a new industry innovation index for which the ALTANA Group commissioned the Forsa Institute to survey 250 senior managers and 250 young professionals in industrial companies across a range of sectors in Germany.
Around 90 percent of industry managers in Germany believe that the innovative strength of an industrial company greatly influences its economic success. However, when asked about their own companies, managers are beset by doubts. Overall, the industrial sector rates its innovative strength as good, with the ALTANA study revealing an innovation index value of 142 (any value over 100 is positive). But just two out of five managers rate their own company in the top third on a scale of 1 to 10. And just four percent award their company top marks.