There is always a temptation, when confronted by disruption – whether this is from competitors, the market itself, or your customers – to either rush in with a knee-jerk reaction, or freeze with indecision. While maintaining the status quo is not an option, storming in and getting caught up in chasing the next ‘big thing’ in technology without proper thought is counter-productive too.
Ultimately, what will drive business value is how organisations respond to change and this response needs to be both swift and appropriate. Organisations can no longer afford to think in three or five year cycles, the world is moving far too fast. As such, a huge cultural shift is needed where innovation is embraced across an entire business, not just in siloed pockets.
While it may sound contradictory, failure should be welcomed. The speed at which new technologies, approaches and methods can now be tried is phenomenal. And yes, many of those attempts will fail, but the faster you fail, the faster you can ultimately succeed.
It is those businesses which can quickly spot when things are not working and try something else will be the ones who triumph.
However, while breeding a culture of innovation is key, it is also vital to have a carefully thought out business strategy, to help guide innovation and avoid getting distracted.
Download and read the full ‘Disruption report’ here.
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