In these days of highly complex markets, global competition, and rising customer demands, companies are faced with an imperative for innovation. The marching orders are to break the mold with new business models and release never-before-seen products, all in an effort to create some form of differentiation that keeps the business relevant if not on the cutting edge.
Innovation is so top of mind that nearly three-quarters of U.S. private companies are making it a priority, according to a report by PwC, “Growing Your Business: Innovation Imperative.” Within that group, roughly half of respondents expect innovation to have a significant impact on the way they do business over the next few years.
While innovation is most often equated with the next, bright shiny object or practice, not all innovation is disruptive or a novelty. In fact, innovation is more often evolutionary, tied to the introduction of new processes and toolsets that reduce waste or create operational efficiencies and thus, end up having a dramatic impact on how a company does business.