Right now, the challenge of adapting to transformations and disruptions in the business world is more real and more urgent than ever. Since the start of the COVID-19 pandemic, organizations have been thrust in a vicious cycle of uncertainty that has them confronting unprecedented setbacks. Historically, innovation in times of crisis grows exponentially. Improving current business processes and services is a mandatory solution to successfully navigating the crisis. This makes effective innovation management critical for fighting against the current setbacks. However, this pandemic shows how important it is to leverage sustainable innovation now and after this crisis for the long-term growth of your business. Innovation is being embraced by organizations all over the world in new ways, and it is here to stay as the new norm. COVID-19 is already sparking the next generation of innovation as companies realize the importance and potential of a culture of innovation. Innovation management can be leveraged to conquer a crisis now, and generate sustainable success for the future.
Building Your Defenses
Innovation tends to be a do or die concept for most businesses, and this is never more true than during a crisis. It is likely that you have already seen the effects of this around you. Innovation is a powerful line of defense against disruption and unpredictable events that threaten your business. Reacting in these situations can be dangerous compared to taking prepared action. Sometimes there is no other choice, but that is why this pandemic has proven that creating sustainable innovation that is agile is so important. By creating a flexible and adaptable work environment, you can build your defenses and better prepare for if and when there is a future crisis. To deal with the current situation, innovation management platforms provide the stability to generate innovation now while building a base for long-term strategy. Most importantly, sustainable innovation requires commitment from executives, employees, and the organization as a whole. Uniting the organization with a common goal and expectation for innovation provides support for surviving the current crisis and leads the company in a positive direction for the future.
Driving Sustainable Innovation
Building a profitable and sustainable innovation strategy requires clear communication, open collaboration, market research, and the effective use of technology. Agile innovation management platforms are built for organizing and executing innovation activities for any business of any size in any industry with all of these things in mind. Not only does this manage innovation, but it manages the challenges presented by a crisis so that deliberate action can be taken to overcome setbacks. The goal is to stay ahead of the curve and ready to adapt at a moment’s notice. The pandemic has created a business environment where flexibility and quickness beat competition. Organizations should prepare to face this as a market expectation moving forward. Adopting agile practices company-wide creates a culture of innovation that dominates during times of growth and perseveres during times of crisis.
Preparing for the Future
The future trends of innovation management predicted great leaps in technology and business capabilities, and the current crisis exemplifies why it is so important to take advantage of new resources. The current landscape demands a move away from physical services, which makes a move toward digital processes and services critical. Open innovation solutions make collaborating virtually easier and more efficient for businesses facing physical restrictions. It has long-term value as well for creating a culture of innovation whether or not physical limitations are in place. The value of transparency has been on the rise, but COVID-19 made transparency an important market and customer expectation. Sharing innovation processes allows for extreme speed in producing products and services that meet current customer needs that are largely unprecedented.
Sustainable innovation is a high priority that cannot be put off any longer. We have only seen the beginning of COVID-19’s impact on business, but it is proving the need for agile flexibility and adaptability for future success. Having a culture of innovation means adopting methods that go beyond making improvements by accident or in response to a crisis. To prepare for the future of work and future trends, an effective innovation management solution can help you develop a strategy that drives sustainable innovation. For tips and advice on navigating the current crisis while building a long-term plan, check out Planbox’s COVID-19 Business Threat Challenge Starters.
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