A PWC survey of CEOs shows the importance of innovation to organisations: 80 percent believe that their innovations will lead to new revenue opportunities, will drive efficiencies, and will create competitive advantage.  Surprisingly, perhaps, the chemicals industry is putting the most focus on innovation.  But what does innovation mean for different industries, and how can it help to grow capability and revenue?  Here’s a quick snapshot.

Pharma – while price dictates many things in the discovery, manufacture and sales of drugs, what holds back many organisations is the inability to collaborate and innovate effectively.  How do organisations bring together hundreds, if not thousands, of incredibly smart scientists and focus their efforts on key discoveries?  Similarly, in the sales of drugs, the sales teams are having to find new and innovative ways to build reputation with GPs and Trusts.

Law – while many corporate law firms operate in a bubble (albeit slightly smaller with slightly smaller rewards), the changes in the industry are necessitating a new way of thinking – about careers, services and provision.

Banking – innovation and collaboration are absolutely fundamental to an industry going through some of the biggest changes in its history.  The explosion of mobile banking, for one, is compelling banks to think differently about their relationship with customers.  But how are businesses generating market-leading ideas and using their employees to drive them?

Retail – the best retail businesses have always looked to innovate – and increasingly away from the high street.  The importance of online shopping – and now mobile – is obviously driving a significant proportion of revenue.  For a dispersed retail organisation, harnessing innovation and driving collaboration across the business are big challenges, but also big opportunities.

Digital – in this world, it’s very much a case of David v Goliath.  David can move faster, innovate quicker, move on to the next challenge – like never before.  The start-up costs are minimal.  The tools are in the cloud.  And the talent is out there.  Meanwhile, some big tech companies continue to struggle with how to drive collaboration and innovation in their businesses – or at least be agile enough to respond to markets and customers.

Professional Services – these businesses are built on knowledge.  Invariably they invest huge amounts in knowledge management systems – and understandably so.  But how can organisations bring together people who are normally unlikely to ever meet or speak, to create innovations which could bring a new dimension to the business?

For every industry, the answer isn’t the same.  But there is clear evidence that organisations that are more agile, more imaginative and more inspired to innovate are likely to steal a march on their competitors.