Innovation in Strategy
In a Vaxa survey on innovation of Fortune 500 companies, nearly two-thirds reported broad innovation initiatives that encompassed multiple organizational models and about fifty percent said they use separate innovation functions for new business opportunities.
Rapid and continuous changes are the new norms. Detecting and understanding those changes faster and clearer than anyone else then acting on them is what differentiates successful innovation programs. Innovation & strategy remains a major challenge for most corporation. Less than one-quarter of executives report that innovation is fully integrate into their corporate level strategy function.
In our opinion, strategy without innovation moves a company down the well beaten path. The ability to think outside of ones industry or customers, to challenge and stretch closely held assumptions and beliefs, and to envision wholly new spaces are not possible with traditional strategic thinking requires creativity that draws on foresight and insights that were not previously considered.