Climate change, cyber-attacks and business disruptors may, at first glance, seem unrelated but they are all key threats to business sustainability. There is, however, a common tool to build resilience against them – innovation. So how can organizations be innovative enough in order to roll with the punches of an increasingly uncertain world?
It feels like the world is moving faster than ever, which means that companies in every sector must prioritize innovation or risk disappearance. The digital age has created a whole range of business challenges that have impacted the speed and process of innovation. If it seems like many of the companies you knew from childhood are no longer with us, it’s because they haven’t embraced innovation. Conversely, if they are still here, it’s because they’ve adapted not just once, but time and again. Companies that fail to adapt risk being made obsolete.
Remember the days of Blockbuster videos, Blackberry phones and Tower Records? They are just some of many examples of businesses that suffered and died with the introduction of newer technologies or dramatic changes in consumer behaviour. Others, however, like Apple or McDonald’s, have managed to weather such storms and come back even stronger than before.
So what did the survivors have that the others didn’t? The ability to innovate.