According to this report from PwC
, 43% say that innovation is becoming a competitive necessity for their organization. This statement is based on survey responses from over 1,750 C-suite and executive level respondents worldwide.
Leading innovators have well-defined innovation strategies and treat innovation just as any other business or management process that can be disciplined and scaled, and they have realized the importance of collaboration. This report provides steps that organizations should follow and questions to ask to strengthen their innovate approach.
Types of Innovation
Refers to changes to an existing product or service to primarily protect market share and to maintain margins
Often referred to as game-changers as they create greater competitive advantage
Creates drastic changes to the competitive environment or even generates completely new businesses