Growth can be elusive in today’s global and competitive marketplace. Q1 2017 Global Economy Update paints a very positive outlook for the global economy.
Degree of differentiation is critical for companies to drive “value for price”, a well articulated Innovation strategy can drive increased value throughout the value chain. Successful companies seize the opportunities to drive growth on multiple paths: new markets, new products, new services, new channels and supply chains, and a new customer experience. Companies that embrace innovations in all aspects of their business are rewarded with high degree of competitive advantage and growth.
The strategy for innovation begins with the development of a vision for organization, what will the brand stand for in the future, what will be the customer experience, what will the organization excel at. This vision then drives the need for innovation in what it does.
Successfully deployed innovation activities present executives with extraordinary new opportunities for value creation. Getting there requires transformative change and willingness to collaborate across functions, doing very different things and doing them very differently.
Innovation planning aligned with unmet market needs leads to reduces investment risks and improved the quality of earnings. Strategic leaders need to make investments in developing a robust innovation plan, Strategic Leadership Is Asking The Right Question such as “is current strategy driving increased value for the customers and resulting in sustainable, and profitable growth”.
Sustain and repeat
It is imperative that once innovations plan are deployed and a differentiated solution has been commercialized, team needs to go back to the drawing board and perform a lessons learned so that the next round of innovation leverages them. Successful companies who perfect this constant loop are able to significantly reduce risks and time to market while improving the quality of earnings.
What are you waiting for …. Innovate and grow!
Stay tuned for the next article which will be “What is Innovation”
The author, KetanDeshpande, lives in Minnesota and writes about a variety of topics in his blog such as global economy, market and industry trends, successful strategies for businesses, and others. Leveraging his global strategic leadership experience from the manufacturing industry to offer insights in to how businesses can meet the sustainable growth and profitability goals.
Ketan Deshpande is also passionate about sustainability and renewable energy; he curates and shares latest updates in his blog posts. Recently the Southern Minnesota Municipal Power Agency(SMMPA) of Litchfield, Minnesota, endorsed Ketan Deshpande for an energy conservation project.
This blog also features memorable events, travel experiences and his favorite places to visit in the great state of Minnesota.