What drives successful companies over the long run? Determination, size, and skill certainly help, says Michael Ringel, managing director at Boston Consulting Group (BCG). But none of that matters if you don't have integrated processes and technology to build on them for continuing success.[1]

It turns out that innovation, perhaps more than anything else, is the real engine of success for businesses. And it pays large dividends. Research by BCG found that over the last 14 years the most innovative companies outperform the broader markets on shareholder return by 5.6%.[2]

And in today's highly turbulent environment, the ability to rapidly innovate rapidly and continuously over time offers a decisive competitive advantage. Yet maintaining leadership in innovation is really tough, BCG says, with only 8 of the original Top 50 companies managed to stay on their list over the 14 years of their research.

The reason for the churn? Part of the problem is that companies are stuck with aging business systems or use spreadsheets that make it hard to get access critical data or the right bill of materials (BOMs) that allow them to bring new ideas to market quickly. Hampered by fragmented data, scattered BOMs, and the lack of process integration, companies suffer from slower time to market, product quality issues, and slim margins. The result is an "innovation gap" that can leave your company lagging behind fast-moving industry innovators.

To jump start innovation – and keep driving it over time – the most successful companies unify their data and processes on a single "platform for innovation". This integrates the entire value chain, from idea capture and product development to supply chain planning, manufacturing and maintenance to post-delivery customer service and success. In short, you translate the right ideas into value sooner.