Innovation and Strategic Focus

In Forbes Future of CIO:

Will Innovation Enhance or Distract you from Strategic Focus?

Someone obviously needs to innovate otherwise the world will come to a standstill.  Innovation is the light every organization is pursuing, however, some might complain it has distracted them from their strategic focus, because a company cannot have a clear focus on everything, innovating, bringing products to market and cutting cost/removing complexity to stay profitable. Are companies able to focus on more than one thing, should their primary focus be prosperity via innovation or maintaining a sustained business via efficiency? ... "