The economic destruction of COVID-19 has left many local businesses reeling as they attempt to recover and grow despite mounting financial pressure on consumers. Yet even in this challenging environment, local businesses continue to overlook the critical role of innovation for their survival – a fatal mistake which will see many ultimately fail, especially in today’s globally competitive landscape.
Innovation refers to both the development of novel goods or services, as well as the introduction of operational enhancements. This means leveraging the power of rapidly advancing technologies to drive new efficiencies, grow customer bases, capture market share, create greater value for shareholders, and maintain profitability.
However, in a survey of over 1,200 global executives and business leaders, the PwC Innovation Benchmark revealed that as many as 54% of companies were struggling to align innovation with their business strategy, with many spending blindly and others simply ignoring innovation as a business imperative... read more