Ovum recommends all parties involved must work closely together every step of the way, from defining innovation expectations to agreeing to the measures to track progress.

This will mean ensuring an equitable approach to the "sometimes tricky" issues of risk-reward and intellectual property in innovative engagements, according to the company.

"If you really want valuable innovation to be delivered as everyone expects, the deal should be treated as a partnership," Dobardziev said. "It's not enough just to say that a vendor-client relationship is strategic, you have to be prepared to invest in the relationship - if you don't, then you'll have an old-style customer-supplier relationship on your hands."