Creating a Place for Innovation: "Expecting revenues to increase year after year through business-as-usual practices may be standard for many companies. But becoming an industry leader requires significant revenue growth beyond what can be attributed to inflation, the positive aftermath of a merger or acquisition, or Enron-esque accounting practices. The essential ingredient, according to some, is innovation.

More than three-quarters of CEOs of fast-growing companies cited innovation as their strongest competitive advantage, according to a recent PricewaterhouseCoopers survey. These respondents anticipated an average of 16.2% revenue growth in the next year, versus their peers' estimate of 12.5%—giving the innovation leaders a 30% edge in faster revenue growth.

So how do companies brainstorm to find out what they need to do to create stellar financial performance? Technology departments may hold the key, says Mark Turrell, Imaginatik's CEO. Building on the old concept of the employee suggestion box, enterprises are earmarking part of their corporate intranets for idea-sharing. In this way, companies are creating knowledge management systems that can shepherd cost-cutting methods or novel production approaches from the furthest satellite offices or manufacturing floor direct to company headquarters. "