Most companies struggle to align innovation and business strategy
MRO MagazineIndustry Machinery and Equipment Maintenance Manufacturing
Companies are making blind bets on innovation with billions of dollars potentially on the line, according to a PwC’s Innovation Benchmark Survey of over 1200 global executives and business leaders. The survey examines how top companies are meeting innovation challenges.
- Leaders show low confidence in their company’s innovation prowess: Just over one-quarter of respondents believe they lead their competitors in innovation.
- Companies are embracing open innovation models: The most innovative companies today are promoting innovation both inside and outside their organizations by breaking down traditional barriers to bring in a much wider ecosystem for ideas, insights, talent and technology. Sixty-one percent of respondents say their company deploys an open innovation model, followed by design thinking (59%) and co-creating with customers, partners and suppliers (55%), all well ahead of traditional R&D (34%).
- The Innovation X Factor? Humans: Big data can tell you that customers behave a certain way, but it takes a human to explain why they behave that way. As a result, most companies surveyed (60%) consider internal employees their most important partner for innovation.
- Designing the next innovation breakthrough: Technology companies set the pace in developing breakthrough innovations with 58% of respondents reporting their companies focus mainly on breakthrough innovation.
For more information, visit www.pwc.com.