PA Consulting asks businesses not to turn their back on breakthrough innovation – PR Newswire UK

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21 Sep, 2022, 10:05 BST
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LONDON, Sept. 21, 2022 /PRNewswire/ — Investing in breakthrough innovation – bringing something new to the world – is critical for organisations who want to futureproof their growth and combat a rapidly evolving set of competitors. Those organisations that only focus on more incremental innovation will miss out on significant growth.
PA’s latest research, ‘The Breakthrough Brigade’, has uncovered a small group of organisations who have mastered the approach to breakthrough innovation – and made it repeatable. The global survey of 520 C-suite decision makers and innovation leaders found that while leaders recognise the need for breakthrough innovation, the majority struggle to deliver it.
The findings highlight the vast divide between those who can consistently take breakthrough innovations to market, and who achieve considerably higher return on investment rates from their efforts, versus those who find themselves locked in a cycle of smaller growth loops:
Hugo Raaijmakers, strategy and growth expert at PA Consulting, said: “Our findings challenge a common fallacy: that large incumbents are incapable of delivering the ideas, speed-to market, processes and culture needed to make breakthrough innovation happen. Although large corporates can achieve breakthrough innovation, some dominant sectors such as consumer goods still trail behind, missing the mark on responding to urgent societal issues such as personalisation or climate change. Achieving purposeful, profitable, long-term growth attracts customers, employees and investors – but this all demands breakthrough innovation.”
Andy Katz, strategy and growth expert at PA Consulting, said: “In the current economic environment, organisations need to be brave and break free from what they know. Manifesting what we call breakthrough innovation is vital, but our data has found that for around three quarters of organisations there’s a lot to do before they can join the Breakthrough Brigade.
“Although we are facing some tough economic times, where some leaders will want to tread carefully, if they are to face their growth challenges head on – focusing on the needs of customers and the market – now is the time for them to rethink their innovation strategy, be bold and lean into their innovation agendas.”
Leaders of the Breakthrough Brigade achieve and sustain growth from breakthrough innovation with a focus on five key actions:
Together, these actions make it possible for a company of any size and in any industry to generate, commercialise, and scale ideas that drive significant top-line growth.
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About PA.
We believe in the power of ingenuity to build a positive human future.
As strategies, technologies and innovation collide, we create opportunity from complexity.
Our diverse teams of experts combine innovative thinking and breakthrough use of technologies to progress further, faster. Our clients adapt and transform, and together we achieve enduring results.
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SOURCE PA Consulting
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