How Widespread Collaboration Advances Innovation

 
 
By Dennis McCafferty  |  Posted 06-27-2017 Email
 
 
 
 
 
 
 
 
 
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    How Widespread Collaboration Advances Innovation
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    How Widespread Collaboration Advances Innovation

    The majority of organizations surveyed are deploying so-called "open" innovation models while "co-creating" with customers, partners and suppliers.
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    Rare Accomplishment
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    Rare Accomplishment

    Just over 25% of the global executives surveyed said their company is an innovation leader, and 20% of those respondents expect their revenue growth to increase more than 15% over the next five years.
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    Ways and Means, Part I
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    Ways and Means, Part I

    61% said their company deploys an "open innovation" model to drive innovation, and 59% said their organization uses design thinking.
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    Ways and Means, Part II
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    Ways and Means, Part II

    55% said they "co-create" with customers, partners and suppliers to drive innovation, while just 34% said they deploy traditional R&D methods.
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    Most Important Partners for Innovation
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    Most Important Partners for Innovation

    Internal employees: 60%, Tech partners: 50%, Channel and business model partners: 44%, Customers (via focus groups, data mining, feedback): 35%, Supply chain partners, vendors and suppliers: 29%
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    Top Metrics to Measure Innovation
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    Top Metrics to Measure Innovation

    Sales growth: 69%, Customer satisfaction ratings: 43%, Number of ideas in the pipeline: 40%, Market share: 36%, Number of products in the pipeline: 31%
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    Biggest Success Drivers for Innovation
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    Biggest Success Drivers for Innovation

    Innovative behaviors and culture: 65%, Fresh thinking: 63%, Strong C-suite leadership: 52%, A clear business model: 47%, Increased budget for innovation: 32%
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    Off-Kilter
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    Off-Kilter

    54% of the global executives surveyed said their organization struggles to align their innovation strategy with their business strategy.
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    Consumer-Focused
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    Consumer-Focused

    54% said their company's customer engagement strategy helps define innovation from the early stages.
 

With relatively few executives describing their organization as an "innovation leader," companies are resorting to nontraditional methods to drive innovation, according to a recent "Innovation Benchmark" report from PwC's Strategy&. The report reveals that the majority of organizations are deploying so-called "open" innovation models, while "co-creating" with customers, partners and suppliers. With this approach, they hope to inspire fresher thinking, stronger C-suite leadership, and clearer business models to encourage more business-benefiting inspiration and creativity. However, most survey respondents admit that their organization still struggles to align their innovation strategy with their business operations—a formidable obstacle to overcome if efforts are to meet with success. The "nearly universal requirement to innovate is putting pressure on companies around the world to find the best ways to nurture, manage and measure innovation so that it delivers superior financial results, from strategy through execution," according to the report. "For most companies, that means opening up the innovation process more to customers, employees and partners. It's a far cry from the days when innovation was viewed as a functional capability existing only inside isolated R&D centers. Instead, organizations say they're focused on creating winning innovation cultures across their companies, and in bringing new thinking and ideas to their innovation initiatives, from both inside and outside corporate boundaries." More than 1,200 global executives took part in the research.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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