54% of innovating organisations have trouble aligning innovation strategy and the larger business strategy

PwC Innovation benchmark (2017)

A recent study found that 54% of organizations have trouble bridging the gap between innovation strategy and the larger business strategy. This means that they have difficulty aligning their efforts to create new products or services with the overall goals of the business. There are a number of reasons why this gap exists. First, innovation can be a risky and uncertain undertaking, which makes it difficult to plan for and budget for. Second, innovation requires resources and capabilities that may not be evenly distributed throughout the organization. Finally, there can be a lack of communication and coordination between different teams working on innovation projects. As a result, it is not surprising that many organizations struggle to bridge the gap between innovation strategy and business strategy. However, there are some things that organizations can do to overcome these challenges. First, they need to create a clear and shared vision for innovation. Second, they need to allocate resources and build capabilities in a way that supports the vision. And finally, they need to establish clear lines of communication and coordination between different teams. By taking these steps, organizations can improve their chances of successfully integrating innovation into their business strategies.