Welcome!

News Feed Item

Excellence in Innovation Leads To Superior Revenue Growth

PwC Global Study Predicts the Most Innovative Companies to Grow Over 60% in the Next Five Years; Innovation a "Competitive Necessity"

Tokyo, Sept 17, 2013 - (ACN Newswire) - A new PwC study entitled Breakthrough Innovation and Growth released last week at a meeting of the World Economic Forum "Summer Davos" in Dalian, China, found a direct correlation between excellence in innovation and superior revenue growth. According to the study, the top 20% of innovators worldwide say their growth rate over the next five years will exceed 60% -- double the global average and three times higher than that of the least innovative companies.

Companies are becoming more sophisticated in the way they innovate, the study found. Innovation has moved beyond products and services and now regularly encompasses business models, operating systems and customer experience. Additionally, collaboration with both internal and external partners has become vital to innovation efforts.

While innovation was once thought to be the province of technology and consumer goods companies in developed economies, it has now become a key driver of growth for companies regardless of sector or geography. The top tier of innovators identified in the study come from a diverse range of sectors from healthcare to automotive to financial services, and from India to the Netherlands and Brazil.

"There are lessons here for Japanese companies that sometimes struggle with innovation," said David Jansen, PwC partner and author of PwC's 2012 report Revitalizing Corporate Japan: A Prescription For Growth. "The most innovative companies are no longer dabbling with incremental innovation but are rather looking for breakthrough or radical innovations. This typically requires collaborating with external partners."

"Innovation is a competitive necessity for companies today," Jansen continued. "Failure to innovate could result in a failure to survive. Japanese executives should ask themselves whether their leadership, business strategies and processes support or constrain innovation."

"Innovation has never been more important to Japanese companies. In this globally connected world, Japan is no longer an island and needs to redefine its understanding of innovation," said William H. Saito, president of Intecur and a foundation board member for the World Economic Forum. "The theme of this year's Summer Davos, 'Meeting the Innovation Imperative', was timely for many companies, institutions and especially countries. Innovation is very important at every level but it is difficult to stay ahead of fast moving global competitors. When countries get static in their approach to innovation this inertia starts to permeate all levels of government, corporations and academia. Developed countries, like Japan, will want to re-evaluate their approach to innovation in order to stay dynamic and competitive."

The study found that successful innovation is dependent on well-developed strategies. Nearly 80% of top innovators said they had well defined innovation strategies, compared with less than half of among the least innovative companies.

The most innovative companies treat innovation in the same way as any other business or management process, the study found. Executives from the most successful companies say they devote more time to innovation, have more incentives to collaborate and are more likely to be supported by senior management.

The study found major differences between the most and least innovative companies. Among them:

-- The most innovative companies anticipate 62.2% revenue growth over the next five years compared with 20.7% for the least innovative.
-- The combined revenue growth of the most innovative companies is forecast to be US$252 billion over next five years compared with US$93 billion among the least innovative.
-- Two-thirds of the most innovative companies say innovation is a competitive necessity compared with 19% among the least innovative.
-- Nearly 80% of the most innovative say they have a well-defined innovation strategy compared with 47% of the least innovative.
-- The most innovative companies are almost twice as likely to be targeting breakthrough and radical innovations.
-- The most innovative companies are more likely to use corporate venturing to drive growth: 13% vs. 7%.
-- The most innovative companies use social media more often to collaborate externally: 67% vs. 39%.

The PwC study can be obtained free of charge at www.pwc.com/innovationsurvey

Notes to editor

PwC surveyed 1,757 C-suite and executive-level respondents responsible for overseeing innovation within their company across more than 25 countries and 30 sectors. To our knowledge, this is the largest and most comprehensive study of C-suite executives exploring innovation from a global, multi-sector perspective.

The report includes commentary and case studies derived from in-depth interviews conducted from among the same pool of executives, and with PwC's Global Innovation Leaders. These insights are brought together into an Innovation Blueprint outlined in Chapter 3 of the report. The research was shaped by PwC in collaboration with consultancy Meridian West.

PwC helps organisations and individuals create the value they're looking for. We're a network of firms in 158 countries with more than 180,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.

Contact:

David Jansen
PwC Japan Business Network
PricewaterhouseCoopers
Tel: +81 (90) 4226-3704 (Japan)
or +1 (917) 562-1153 (Int'l)
e-mail: [email protected]

Yoko Kato
Edelman Japan (PR Agency)
Tel: +81-(0)3-6858-7741
e-mail: [email protected]

Source: PwC

Copyright 2013 ACN Newswire. All rights reserved.



Source: JCN http://www.japancorp.net

Copyright 2013 ACN Newswire. All rights reserved. www.acnnewswire.com

More Stories By JCN Newswire

Copyright 2008 JCN Newswire. All rights reserved. Republication or redistribution of JCN Newswire content is expressly prohibited without the prior written consent of JCN Newswire. JCN Newswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Everyone wants to use containers, but monitoring containers is hard. New ephemeral architecture introduces new challenges in how monitoring tools need to monitor and visualize containers, so your team can make sense of everything. In his session at @DevOpsSummit, David Gildeh, co-founder and CEO of Outlyer, will go through the challenges and show there is light at the end of the tunnel if you use the right tools and understand what you need to be monitoring to successfully use containers in your...
Developers want to create better apps faster. Static clouds are giving way to scalable systems, with dynamic resource allocation and application monitoring. You won't hear that chant from users on any picket line, but helping developers to create better apps faster is the mission of Lee Atchison, principal cloud architect and advocate at New Relic Inc., based in San Francisco. His singular job is to understand and drive the industry in the areas of cloud architecture, microservices, scalability ...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at Dell EMC, introduced a methodology for capturing, enriching and sharing data (and analytics) across the organization...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...