Friday 1 February, 2008
No business is immune from competition and those that fail
to observe new trends, spot opportunities and implement new technologies
are destined to fall by the wayside.
There is an ever quickening pace of change, in virtually all aspects of business - and life in general.
The change has been technology fuelled, and this fuel has spawned businesses that were literally non-existent just twenty years ago. Along with this has been the growth of the services sector - a sector that now represents by far the largest proportion of GDP of most developed nations.
Prior to globalisation, many companies were the trusted middle-man, connecting first-world markets to third-world manufacturers and commodity providers. Today however, they no longer have the same relevance. In today's world, it is now possible for virtually anybody, anywhere, to be connected to any market or provider - with little more than the click of a mouse.
Clearly the business landscape has changed, and this change is accelerating. If businesses today wish to remain successful and grow, they need to be constantly moving to re-invigorate their market offering and the means by which they do business.
The solution to this threat, lies in the word "innovation". A definition of innovation is best described as simple logic, that underpins the best practices, of the best organisations. Or, "Innovation" - defined as - "Change that adds value".
The solution to ever improved business outcomes is ever renewed offerings. Not "blue sky offerings" that represent high risk, but improvements to what people are already doing.
In short, find a product, process or service that is doing well in the marketplace - and improve it. Then go back to the market with a better one.
Source:ceoonline.com
Technology is the driver
In the 1920s, it took weeks for a letter or contract to traverse the world. The speed of business negotiations was at "snail's pace" compared with today. Now we have the internet, e-mail, overnight mail, person to person telephone access to virtually anywhere in the world and product development cycles of just weeks, compared with years just a decade ago.The change has been technology fuelled, and this fuel has spawned businesses that were literally non-existent just twenty years ago. Along with this has been the growth of the services sector - a sector that now represents by far the largest proportion of GDP of most developed nations.
Every business is under threat
Not even corporate giants, perhaps once thought to be unassailable, are immune from competition and it is this fear of competition that is driving the need to be constantly innovating their offering to remain viable.Prior to globalisation, many companies were the trusted middle-man, connecting first-world markets to third-world manufacturers and commodity providers. Today however, they no longer have the same relevance. In today's world, it is now possible for virtually anybody, anywhere, to be connected to any market or provider - with little more than the click of a mouse.
Clearly the business landscape has changed, and this change is accelerating. If businesses today wish to remain successful and grow, they need to be constantly moving to re-invigorate their market offering and the means by which they do business.
The solution to this threat, lies in the word "innovation". A definition of innovation is best described as simple logic, that underpins the best practices, of the best organisations. Or, "Innovation" - defined as - "Change that adds value".
The solution to ever improved business outcomes is ever renewed offerings. Not "blue sky offerings" that represent high risk, but improvements to what people are already doing.
In short, find a product, process or service that is doing well in the marketplace - and improve it. Then go back to the market with a better one.
Take a lead from the champions
The winners in business are those that have product, process and service offerings that are constantly being innovated to migrate both themselves and their customers to an ever better place.What is required?
People make organisations innovative. Your people are the key to success. They need to be engaged and motivated by:- Having the message of the importance and relevance of innovation coming from the top
- A senior manager with an innovation KPI
- A systematic approach to innovation
- Tools for innovation - whether for products, processes or services - that are easy to understand, assimilate and use
- A recognition and reward system for innovation
- A means established within the organisation to measure the outcome of implementing the training message
Source:ceoonline.com
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