If you are not innovating, your company may not be around for the future.
Companies today must innovate or be overtaken. With new delivery methods; enormous amounts of data available for market research and customer trends; disruptive business models; and the move to software as a service; these are all major factors in today’s global business environment. Innovation is an everyday occurrence and companies considered innovative and industry leaders a few decades ago … no longer exist. (Sun Microsystems, AOL, Circuit City, Compaq, Levitz, Tower Records, Blockbuster, Borders Books).
See what McKinsey says are essential for corporate growth and survival.
“The eight essentials of innovation”
Strategic and organizational factors are what separate successful big-company innovators from the rest of the field.
Article|McKinsey Quarterly, April 2015 | byMarc de Jong, Nathan Marston, and Erik Roth
It’s no secret: innovation is difficult for well-established companies. By and large, they are better executors than innovators, and most succeed less through game-changing creativity than by optimizing their existing businesses.
Innovation and creativity
In this engaging presentation, McKinsey principal Nathan Marston explains why innovation is increasingly important to driving corporate growth and brings to life the eight essentials of innovation performance.
To be sure, there’s no proven formula for success, particularly when it comes to innovation. In the digital age, the pace of change has gone into hyperspeed, so companies must get these strategic, creative, executional, and organizational factors right to innovate successfully.
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