Innovate for growth within the age of disruption.
Companies and SMEs that continually reinvent themselves through innovation are future-proofing themselves against the myriad forms of disruption that threaten to render them obsolete. Planning is taking on a whole new meaning and must be agile.
It may well be one of the most overused catch phrases of the 21st century, but the call to ‘innovate or die’ is really a reminder for companies to apply new ideas and applications to the way they do business, or risk being left behind. What’s driving the need to innovate is the rate of technological change, coupled with a multiplicity of factors like changing demographics, rapid globalisation, unpredictable macroeconomic conditions, and diverging workplace dynamics – all of which make change a constant and fast-moving beast.
Like it or not, business survival now means keeping up with the impact of all of these changes on how we live, work, and consume products and services. The spoils clearly go to those companies that can not only keep up, but anticipate where future opportunities lie. SME owners are being challenged as well in how they can utilise the technology and data to see where the opportunities lie for their businesses.
While the ‘Internet of Things’ (IOT) is providing the tools for companies to reinvent themselves, digital technology per se only ever tells half of the ‘innovation story’. It’s the flexibility and adaptability that companies bring to the table which determines whether or not the ‘tech smarts’ they deploy can deliver a sustainable competitive advantage within rapidly changing and highly competitive global markets where the players come to play very locally at a small cost.
But the speed at which change is now occurring, thanks largely to new technology, makes momentum around innovation more of a ‘call to arms’ rather than something a company or SME owner can get around to in their own sweet time.
Discover how businesses are innovating for growth in the second whitepaper in the thinkBIG 2018 series, focussing on creating a culture of innovation.
Growth through innovation case studies