Innovation is no longer just about competitive advantage, it’s now about pushing through with innovation to solve social and environmental issues. Now the world has stabilized and we are coming out the other side, innovation led growth is the way forward, to eliminate constraints and accelerate positive change within your organisation. At the end of the day the faster you adapt within a changing world (and let’s face it this one always is) the sooner you can get your organisation to exactly where it wants and needs to be.
The most important thing is organisations don’t continue to remain solely focused on survival (although it seems reasonable) as they are missing opportunities to flourish and grow. They can still use existing resources and skills but to create something entirely new, and the thought of that is pretty exciting. I am sure already the pandemic has changed at least one area of your business, therefore carrying this into other areas of your business can enable you to thrive further.
Innovative environments can also stimulate employees’ minds, get them thinking more and induce creativity. This enables them to contribute more of their own ideas, feel more valued and in turn be more productive at work and more motivated to strive towards a common goal together. And since the organisations that have already begun to innovate like crazy have aimed it at serving customers better it’s a win win for all parties involved.
If we take a look at some of the top innovations from companies we see they cover social and environmental issues, provide better service and experiences for consumers and uses new technology. Take Footlocker for example, they have just opened their first community store. Offering a range of fun in store activities in attempt to build a deeper connection with the local community and go beyond offering a traditional retail experience. If we then take a look at Amazon, they are known for being innovative. Their next move is venturing into salons! Using a new retail AR technology, customers will be able to experiment with different hairstyles and shades before actually getting their hair done.
It is evident many organisations understand the importance of innovation, but don’t follow through with the actions to back it. Many leaders have the concept that it’s not the right time straight after a pandemic to invest into innovation, when in reality there is no time like the present whilst we move into a new period of change. With technology also evolving faster than ever before, new more efficient technologies can be utilised to make your products and services better, improve customer experiences and help to track and analyse your company’s performance. Therefore, a key enabler to your innovation to add value to your business.
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