Innovation - Finance's role in driving success

By Paul Parks

In the newest CGMA report, Managing Innovation: Harnessing the Power of Finance, we explore the importance of innovation and the role of the finance professional.

Innovation starts with the right mindset.  Creating a culture that both rewards innovation and tolerates failure is important for creating an environment where employees are willing to take risks.

Innovation takes time and the finance professional is a key ally in making innovation projects successful.  Management accountants excel in the execution phase of innovation, adding credibility, transparency and discipline to the process.  The best companies are not just good at generating great ideas, but have an ability to develop an idea from inception to a successful outcome.

The report highlights the finance organization’s role from early stages of innovation to product launch and beyond. Please take a look at the report and let us know what you think.  Share your thoughts on the role of finance and more broadly on what you believe sets great innovative companies apart.