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Reinventing innovation
Five findings to guide
strategy through execution
Key insights from PwC’s Innovation Benchmark
Key insights from PwC’s Innovation Benchmark 1
In an era of digital business and rapid technology change,
virtually no company can ignore the imperative to innovate.
Failing to do so is an invitation to lose business.
To learn how companies are responding to this mandate, PwC conducted
a major global study. We surveyed over 1,200 executives in 44 countries
and spoke in depth with individuals charged with managing innovation
initiatives at leading companies.
Our goal was to understand how these leaders view innovation and what
they are doing to better reap its rewards. We looked at innovation across a
complex set of challenges, including innovation strategy, operating models,
culture, metrics, and more to understand how innovating companies are
seeking to create business value and financial returns on their efforts.
Our findings show that companies are struggling with clearly aligning their
innovation efforts with their business strategy. We’re also seeing companies
across a wide range of industries enlist technology as the driver—not just
the enabler—for market change and innovation, while also recognizing that
technology is only as good as the humans using it, including customers,
employees, and partners.
With this in mind, companies are opening up the innovation process earlier
to a broader set of stakeholders both inside and outside the company. The
majority of respondents, for example, say they are bringing customers into
the innovation process at the ideation phase.
How do leaders view innovation, and
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