Innovation Is The Way To Do Business In The 21 Century

Discover the 3 main challenges to unlock the innovation potential in your organization.

We are living in an era where innovation is not an option anymore. It is imperative. Technology and software have transformed businesses and continue to do so in more and more dramatic ways. Corporate leaders cannot overlook how these changes are impacting their businesses: profit margins are decreasing, customer loyalty is declining, and new entrants are successful with new business models. Corporate leadership must respond. Innovation is now the way to do business in the 21st century and a key driver of sustainable growth.

Disruptive threats are all around, in every industry, threatening to impact leading companies, even those that consider themselves “safe.” Research shows that corporate lifespans are shrinking, and that half of today’s S&P 500 will be replaced over the next 10 years.

Insurance, shipping, medical testing, consumer banking, cars, retail to name just a few industries are already been disrupted by niche, agile, new value generating players.

But disruptive change can also present the biggest opportunity of a lifetime, all depending on how a company responds. The right answer is neither taking a “wait-and-see” approach, nor keeping the traditional business as it is now.

Innovation Challenges

To face the reality, companies must innovate for the future, while running their core business. Researches revealed that 70% of senior leaders view innovation as one of the top three drivers of growth in their companies. However, we were amazed to find out that only 6% among corporate leaders are satisfied with their innovation performance.

After making some in-depth research, we realized that most companies do not innovate at all or, when it happens, innovation is done on a random basis, thereby creating only a short-term advantage. We asked ourselves:

• Why is this happening?
• Why do so few companies manage innovation in a successful way?
• What do they fundamentally do wrong?

Trying to answer these questions, we found out that companies do not know how to start innovation, they do not have appropriate resources, or they just consider innovation too risky because they do not know how to manage it. We then realized that there is a need for innovation to happen as a repeatable process.

Start Your Innovation Journey Now

Innovation is not easy, and this is good because otherwise it would not have been a real competitive advantage. Therefore, it should be managed carefully.

Before you start your innovation journey, we invite you to learn more about 3 main challenges and how to address them properly by downloading our Innovation Insights Report. You won’t find there all the answers, but it is a good start to think about what innovation really means and how you can unlock its potential within your organization.

 Discover Where And How You Can Innovate » Download Report Below

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