Innovate across the business system

by Jörgen Eriksson on September 4, 2013

Innovation bulb 2

All over the world, Innovation is high on executive’s agendas. However what innovation means and how it is prioritised has not been well understood, and within organisations different interpretations can often be confusing. The problem is that while the eyes of the CEO are fixed on innovation, the body of the organisation may not be following.

Now a PricewaterhouseCoopers Pulse Survey of 246 Chief Executive Officers in North and South America, Europe, Asia Pacific, and the Middle East reveals that 97% of CEOs see innovation as a top priority for their business. The report is available to download from the PwC website.

The report also shows that there has been a shift in how CEOs view their role in driving innovation.

Global Innovation survey charts

Unleashing the Power of InnovationToday’s CEOs recognise that they need to be directly involved in driving innovation within their business, with 37% reporting their role as leader in this area, and 34% as visionary.

This contrasts sharply with the situation three years ago when a similar survey showed only 12% of CEOs were leading the charge on the innovation strategy.

How companies innovate is also being transformed. Companies might once have been satisfied with incremental product improvements. Now, they are increasingly looking for breakthrough developments in their business models and the solutions they provide for customers.

The most successful companies recognise that innovation is a mainstream process, which brings together employees, customers, suppliers and a range of different partners from beyond the organisation. At the heart of these developments is the realisation that how you innovate determines what competitive advantages you deliver.

Areas to innovate

Today innovation can drive new service and product offerings and development of brands, ways of marketing, business models, delivery channels and so on, and it can also be at the root of new business opportunity creation and the launch of entirely new business models.

Innovation can be seen as a key differentiator in markets that are increasingly hard-fought and it is destined to become ever more so as competitive pressures continue to increase across all industry sectors. Innovation separates the winners from the losers. In a world of hyper competition, pro-active and continuous work with innovation is imperative to gain competitive advantage.

About Jörgen Eriksson :

Jörgen Eriksson is the founder of Bearing and is the Chairman of the firm since it was created. He has successfully expanded Bearing into covering projects on four continents. He is also Adjunct Professor of Innovation Management at the International University of Monaco and at Universitat Politècnica de Catalunya in Barcelona and he is an active member of the Founders Alliance organisation.

Working with consulting engagements across Bearings practices, he has over the past fifteen years participated in and supervised a large number of client projects, from innovation system development and place development and branding, to merger and acquisition assignments and leading edge research and business development activities for key clients.

His new book, Branding for Hooligans, will be published in 2015. It is about how innovation and branding are key survival factors in our modern times of hyper competitive markets.

Prior to Bearing, he was Director of Europe, Middle East, and Africa for Trema Treasury Management, a technology and consulting services provider, supplying financial software solutions for the global financial industry, Clients included The European Central Bank, Citibank, SEB, South African reserve Bank, Deutsche Bank, Abu Dhabi Investment Authority (ADIA), as well as many other large financial institutions and Fortune 500 companies.

Early in his career Eriksson was educated at the Stockholm School of Economics, where he studied economics, financial economics and philosophy. He then worked in Scandinavian investment banks and also for the Swedish Institute of National Defense Research.

You can contact Jörgen on e-mail, connect on LinkedIn onörgen-eriksson/0/38/8a0/ and follow him on twitter on joreri508.

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