The energy sector lacks the skills needed to innovate, according to a new report.
PA Consulting Group has found nearly half of senior energy executives said their firms lack the skills necessary to develop new technologies.
It added the sector is among the least innovative parts of the economy, ranking joint second-from-bottom in PA’s innovation league table.
More than half of respondents often back high-potential but risky innovations and only 57% put innovation at the heart of their corporate culture and mission, the report claims.
It went on: “A lack of innovative talent may explain why more than four in 10 respondents (42%) admit their firms are less innovative than their peers.
“This is likely to contribute to the sector’s high innovation failure rate with 63% of respondents having seen a brilliant idea fail for reasons that could have been avoided.”
Marc Tritschler, PA Consulting Group energy expert, said: “In our experience, getting new and innovative solutions deployed sustainably across the business and maximising the benefits is the toughest task for companies.
“First stage trials are conducted in a safe environment to prove the concept but companies stumble when faced with rolling them out across their organisation to deliver real business benefit.”