Large firms are ramping up investments in innovation, as articulated by Frazer Bennett of PA Consulting, signaling a shift from the cost-control focus of recent years. Major clients like Unilever and Pfizer are re-engaging with projects to harness both digital and physical innovation. This trend coincides with calls from political leaders to remove regulatory barriers that impede innovation. Bennett underscores the importance of clear regulatory objectives in fostering experimentation while large companies increasingly pursue sustainable practices and deeper customer engagement.
Bennett's remarks highlight a revived interest in innovation, noting that large firms are focusing on product development to drive growth after a period of cost control.
Bennett defines innovation as crucial to growth, emphasizing the importance of turning scientific discoveries, design creativity, and engineering advancements into market-ready solutions.
He believes that a well-framed regulatory environment can stimulate innovation by fostering experimentation, rather than stifling it through excessive constraints.
The increased focus on sustainable materials and enhanced digital engagement indicates a shift in how large companies are viewing their relationships with customers.
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