Innovation drives businesses forward, but PricewaterhouseCoopers (PwC) has found in its Innovation Benchmark study that many companies are struggling to align their innovation and business strategies. In a global survey of 1,200 executives and business leaders, PwC has found that 54 percent have difficulties bringing the two sides together.
PwC’s study found that strategy, not investment, is the most important factor in whether an innovation initiative a success, making the disconnect it uncovered troubling for companies’ efforts
“It’s critical for executives and business leaders to meet innovation challenges head on, but often times they are unsure of how or where to begin,” says Volker Staack, co-author of the report and principal, global and U.S. innovation leader with PwC’s Strategy& strategy consulting team. “This report identifies the pain points for executives across all industries to help find solutions to drive innovation that will align with business strategy and result in bottom-line success.”
PwC’s study also looked at how different approaches to ideation and innovation affected the initiatives’ success. It found that increasingly, companies are inviting more voices to the table in their innovation models, including employees at all levels and departments—61 percent of companies are deploying an open innovation model. This inclusivity fosters fresh thinking and forges a more innovative business culture. It’s survey also uncovered that some companies (55 percent) are including their customers, partners and suppliers in the process.
For more details from PwC’s Innovation Benchmark, click here.
