Innovation Strategy needs to Align with Business Strategy


Innovation Strategy needs to Align with Business Strategy


Your business strategy needs to drive and be aligned with your innovation strategy.  PwC recently released their Innovation Benchmark Report and there is a very good section on strategic options and alignment with innovation.  According to PwC, there are three  main approaches to innovation strategy that they have identified over a decade of doing research:



• Need Seekers: Such as Apple, use their superior insights about customer needs to generate new product ideas.  



• Marker Readers: Such as Samsung, focus on creating value by incrementally improving on products that have already been proven in the market.



• Technology Drivers: Such as Google, depend on their strong internal technology capabilities to develop new products.



What is important is that corporate leaders are explicit about their chosen strategic approach. In addition to this, corporate leaders also need to connect their innovation strategy to the overall company’s business strategy. They should provide clear guidance on the role of innovation in the overall company portfolio. Only when such strategic alignment is achieved will companies be able to innovate in the long term.



Forbes summarised the research in a recent article and the full PwC report can be found HERE.  



Comments by Mary Sue Rogers



Posted on : 2018/09/06