New York, June 6, 2017 – Companies are making blind bets on innovation with billions of dollars potentially on the line. That is one of the main findings of PwC’s Innovation Benchmark, which was released today. The report surveyed over 1,200 global executives and business leaders to examine how top companies are meeting innovation challenges.
Most companies (54%) struggle to align their business and innovation strategies, leaving many companies flying blind as they place bets on innovation. A finding that is especially important as the report also found that strategy, not size of investment, is the greatest determining factor in the success of an innovation initiative.
“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 US Innovation Leader with PwC’s Strategy&. “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.”
The report also explores the different approaches to ideation and innovation models deemed most successful. Overall, companies are becoming more inclusive and are adopting open innovation models that bring more voices to the table, including employees across all levels and departments. Not only does this foster fresh thinking, it also establishes a more innovative culture. Furthermore, companies are looking to customers as partners as they look to create the next big breakthrough innovation.
Among these findings, PwC’s Innovation Benchmark also found that:
PwC's Innovation Benchmark is a global study run by PwC and PwC's strategy consulting business, Strategy&. Primary data collection occurred online and by interview between September 12, 2016 and January 27, 2017. The results and insights in this report are based on responses from 1200+ CXOs, VPs and directors from 44 countries and all major sectors. Participants are clients of PwC, or were identified by third parties. This report is based on the strategy module of PwC's Innovation Benchmark, which also has operational modules for innovation financials, corporate venture capital, incubation, open innovation, product lifecycle management, research and development (R&D), and R&D tax.
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