Most companies struggle to align innovation and business strategy
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.
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