54% of companies struggle to align innovation and business strategy according to PwC’s Innovation Benchmark
- 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.
- To explore the full survey findings, please visit PwC’s Innovation Benchmark section of the PwC website.
- Methodology: 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.
Rowena MearleySenior Manager, Global CommunicationsUnited Kingdomrowena.firstname.lastname@example.org+ 44 207 213 4727+ 44 7952 715739