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Strategic Innovation and Managing Risk

Strategic Innovation and Managing Risk

 InnovationUncertainty

In today’s fast-paced, turbulent and constantly changing economic conditions, companies that fail to change and strategize can go from being the most innovative in their industry to bankruptcy…

The global economy is becoming still more connected, creating a much larger and more diverse population of customers and suppliers.  There are no industries or businesses that are immune to the effects of disruptive change.

“Companies that fail to keep up and fail to innovate will become tomorrow’s version of the Sony walkman, left to the dust of history by the forward thinking creativity of Apple who anticipated what people wanted and gave it to them before they even knew they wanted it.” ~ Deberah Bringelson

Complexity

Overwhelming access to media, information and entertainment has profound effects on the way we think and act…

  • Globally, time spent online every month = 3,995,444 years!
  • U.S. users spend 32 hrs per month online.
  • 1 hour, 48 minutes –  dedicated to “Googling”.
  • 7 hours, 46 minutes – Facebook.
  • Internet now diverts 26% of Americans’ media consumption time!

“What we face now is a pace of change that is unprecedented. Major innovations that used to change our lifestyles maybe once or twice in a generation, we’re seeing that now almost on an annual basis. You need to stay relevant among our consumers.” ~ Kim Kadlec, Worldwide VP, Global Marketing, Johnson & Johnson

Diversity

Diversity adds richness to both the team environment and the customer experience. It can be a tremendous asset. However, diversity without exceptional leadership, shared goals and clear communication and engagement can lead to:

  • Employees feeling rage at their coworkers (39%), increasing the risk of lawsuits impacting both reputation and the bottom line.
  • Increased employee turnover (9% to 32%)
  • Decreased sales (7%)
  • Decreased customer satisfaction
  • Alienation
  • Low Productivity

“Listening is one of the most important skills that anyone can have. That’s a very Virgin trait. Listening enables us to learn from each other,
from the marketplace, and from the mistake that must be made in order to get anywhere that is original and disruptive.” ~ Richard Branson

Strategy

Because of uncertainty in the global markets, government regulation, consumer whims and the “next big thing”, many businesses have become reactionary, rather than strategic.

Team members to Division Managers to CEOs have traded in long-term planning and a foundation of success and have instead fallen into the “short-term focus trap”, which too often leads to short-term results.

As each new fear or shift arises or as the latest shiny new marketing gimmick floats by, many companies are creating their own instability because they are taken in by distractions, rather than Smart Business Strategy.

 

“It’s not the customer’s job to know what they want.” ~ Steve Jobs

 

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Managing Risk – Surprising Forces Eating Your Profits

Managing Risk – Surprising Forces Eating Your Profits

Have you felt it yet? If you haven’t, you soon will. There’s a shift afoot in the halls of corporations, not only in the U.S., but around the world.  It starts with a hidden undercurrent of malaise and if not handled appropriately, it soon is impacting customer satisfaction, your reputation…and your bottom line. One question… Continue Reading

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