Organizations are seeing definite financial boons from innovation. Over half expect it to help boost revenue and sales and cut costs now and over the next two years. When asked to explain the advantages, one COO of a U.S. healthcare provider replied that they are “delivering a significantly enhanced client experience, aided by new technology, while cutting our cost base structurally.” Other benefits include improved customer satisfaction and products, new business models, and more.

However, innovation doesn’t come cheap. Just under half of respondents say they’re struggling with high implementation costs and, at the same time, insufficient technology investments related to innovation, which prevent them from making as much progress as they’d like.

Companies also say inadequate talent, skills, and training are holding them back from realizing their innovation goals, and almost a third report that their employees are slow to adopt new technologies or processes associated with innovation. Finally, slightly more than 20% of respondents admit that their companies have neither a person or team responsible for innovation nor a guiding innovation vision.