From P&G and Hewlett Packard to Lego and even NASA, larger companies are taking a leaf out of small firms’ books by embracing the power of human-driven innovation. Rather than traditional R&D, they have started to recognise the potential of more inclusive operating models, which bring a variety of parties into the innovation sandbox and tap into various areas of expertise and experience.
These were the findings of PWC’s innovation benchmark report, which found that almost twice as many companies are favouring inclusive operating models such as open innovation (61%), design thinking (59%) and co-creation with partners, customers and suppliers (55%), which had previously eluded them.
These figures back up the findings that a growing number of executives are valuing people-powered innovation, by focusing on human experience and soft skills.
When asked who the most important partners for innovation were in their organisations, more than half said their internal employees.
According to the study, human factors – specifically innovative behaviours and culture (65%) and fresh thinking (61%) – were considered key to innovation success. The study concluded that bringing more parties into the innovation sandbox leads to improved strategic alignment, access to fresh ideas and critical talent, failing faster and getting new innovations to the market sooner.
Read more about open innovation here.