Innovation is Strategy; Strategy is Innovation

Innovation and corporate strategy go hand in hand and must be viewed as such by executives. It is important for all companies to upgrade their innovation efforts, starting with obvious business functions such as R&D, innovation teams and sales & marketing. However, in order to gain a competitive advantage over key competitors, it is essential to focus on un-obvious functions such as procurement and supply-chain. These functions, when fully engaged, can provide substantial value and a more holistic approach to innovation on a corporate level. It is important to consider investing in the weaker areas instead of simply making the obvious functions even stronger.