More than half of companies (54%) struggle to align innovation and business strategy, and are making potentially risky ‘blind bets’ on innovation, according to new PwC research.
The PwC Innovation Benchmark surveyed more than 1,200 global executives and business leaders 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 they are unsure of how or where to begin,” says Volker Staack, co-author of the report and principal, global and US innovation leader at PwC. “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 adopting open innovation models that include employees across all levels and departments, and looking to customers as partners. Around 61% of the respondents said their company deploys an open innovation model, and 60% consider internal employees their most important partner for innovation. Over half (59%) are focused on design thinking, while 55% are co-creating with customers, partners and suppliers (55%).
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