While publishing the World News Media Innovation Outlook report is still three months off, industry insiders are already discussing the study’s interim results previewed recently at the 14th International Newsroom Summit in London.
Executives from 68 countries on six continents responded to the study into the decision making of newsmedia managers across editorial, commercial, technology and senior management roles. “Once again, results show significant differences between the strategic choices made by profitable and unprofitable companies,” said IRG’s Dr François Nel, co-author of the study conducted in collaboration with the World Association of Newspapers and News Publishers (WAN-IFRA).
“However, one of the most surprising findings was that when respondents were asked what the biggest risk to their organisation’s future was, they did not see the greatest risk coming from the decline in advertising revenue, or from Google and Facebook, or from other digital disruptions. The biggest single threat to their future success, was not from outside the organisation but from the inside: the reluctance to innovate.”
Organisations that prioritise innovation efforts are almost three times as likely to be reporting significant increases in revenues, compared with organisations which do not. (Odds ratio = 2.9)
This threat is also directly linked to organisational performance, the study results show organisations whose leaders model the right innovation behaviours for others to follow are more than 4 times as likely to be reporting significant increases in revenues over the last 12 months, compared with organisations which do not. (Odds ratio = 4.3)
Nel challenged conference participants to consider what these finding means for them: “Building an organisational culture that promotes innovation is the responsibility of a firm’s leadership. So, is the biggest threat to your organisation’s success your leadership team. Is it you?”