27 Sep The importance of innovation
All too often, businesses focus on figures and not the future, yet in this age of increasingly fierce competition, with agile start-ups nipping at the heels of established businesses and levels of data reaching saturation point, innovation is more key than ever.
How do organisations create a competitive edge in a market where there is so much customer information available and readily accessible to all?
The reason that many start-ups are so disruptive and successful is precisely because they not only constantly embrace innovation, but they are nimble and responsive enough to be able to respond to market trends and changes quickly.
Organisations such as Uber and Slack have had a clean slate to build their businesses on and have used this as a chance to hard-wire time and budget for innovation into their company blueprints.
More established, bigger businesses however, are often constantly playing catch-up and find it hard to dedicate time and budget to innovation. Not to mention the fact that it is much harder to move quickly when you are a multi business unit, siloed organisation!
Of course, there also needs to be a balance between longer-term investment in innovation and short-term financial pressures, but it is entirely possible to do both and indeed some organisations do just that with great success.
Encouragingly, more and more businesses seem to be waking up to the importance of innovation, with Gartner’s 2015 – 2016 CMO Spend Report showing that 71% of marketing leaders have a dedicated budget for innovation.
This is good news for businesses and customers alike. By taking time to innovate, especially when it comes to marketing and data technology, organisations can create and deliver increased value for customers.
Ironically, organisations often have more access to innovation then they realise. Businesses regularly purchase the ‘Ferrari’ of marketing and data technology but then leave it in the garage, by not taking advantage of all the innovative functions it can offer.
However, many are so busy keeping their heads’ above water when it comes to trying to keep up with technology that they simply do not have the time or resource to dedicate to getting ahead of the curve.
Yet with more and more digital disruptors emerging, traditional organisations need to look further ahead or risk getting left behind…. myBench can help you look further ahead – get in touch to find out how.
Written by Grant Williams