Growing Your Business: The Innovation Imperative

Filed Under Innovation

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Arwen Petty

November 27, 2013

If the primary goal for your organization is growth — and it usually is — keeping an eye on global trends, data, and shifting market dynamics is a must. And though interpreting practices or adjusting them to fit your organizational structure can be challenging, the benefits of looking beyond your market peers for new perspectives and innovation imperatives can be considerable.

Relevancy, Collaboration, and Doing More with Less

While not all companies are created equal, what works for a particular type of business can be effective for many. This report from PwC addresses private sector innovation, but is brimming with statistics, case studies, expert examples and advice from around the globe, which provides valuable information that’s applicable to any business. Some key features include:

  • Demographics surrounding where innovation is being made a priority, and the results thereof
  • The benefits of mastering external collaboration
  • Data exemplifying the relationship between innovation initiatives and key goals
  • Why cross-departmental efforts are better grounded and more successful, and how to implement them
  • Proof of concept data on innovation-enabling technologies
  • How to gauge and measure the success of initiatives
  • Building your innovation portfolio
  • Funding innovation and handling tax credits

All Data, All the Time

Better, perhaps, than the extensive and thought-provoking narrative of the report are the promising pieces of data it presents. For example:

  • 49% of private-company innovators that say they will adopt new technologies to enable innovation.
  • 50% of participating companies plan to use innovation to attract and retain top talent.
  • 58% plan to engage customers in developing and improving their products.
  • 79% of companies gauge the success of their innovation efforts based on how well those efforts contribute to customer satisfaction.

Download the full report here.