Why just innovation is not enough anymore?
Particularly in these times, it is more than ever necessary to be innovative – to pick up speed and dare to jump on the transformation train. Companies try to not miss this already driving vehicle, to secure the right strategic decisions in order to pave the way for business sustainability, significance and success for the upcoming years. That is why, the goal of creating and achieving impactful innovation – to get in the driver’s seat – is key to join this ride as an innovation leader.
Various methods are applied to build an innovation strategy on foundation of the business strategy. According to a PwC survey from the year 2017, where 1.200 executives have been interviewed, 54% of companies from 44 countries struggle to bridge the gap between innovation strategy and business strategy. Building an innovation strategy fundament is not an easy task and has to be thoughtfully build, adapted and integrated.
Companies often start with smaller innovation initiatives to onboard, educate and prepare the organization for further innovation activities to come. Innovation is like a growing plant: “If the seed is planted in the right place of the organization and will be treated appropriate it will grow, flourish and in the end will bear fruits.”.
Humans are an important factor for innovation success and that is why innovation needs to be applicable for the whole organization. Also, including customers and partners can play a valuable part of the game in shaping new strategies and aligning them with business and innovation strategy planning. So, it can be significant to bring together involved stakeholders to achieve a better understanding of needed solutions or get new ideas from a different perspective.
At the moment we are facing times of change and the impact of the COVID-19 will encourage us to think beyond our normal day-to-day boundaries, re-think our way of working and living and be innovative. That’s our challenge of today, create new impactful ideas in difficult times.
Source: PwC, Strategy and PwC
