To succeed in 2020, the 6th element is flexibility and resilience

In innovation, nothing can be set in stone or remain stagnant and repetitive. Organisations must become more agile if they want to survive in today’s business world. And so, as we enter the New Year, we come to the sixth and final element to innovate successfully in 2020.

 

Flexibility for change, resilience for survival

The more adaptable companies are, the higher the likelihood of improving their product development and enhancing their innovation performance. This flexibility enables them to grab new opportunities quicker than their competitors and ensure they aren’t left behind in a fast-changing technological landscape.

This agility should also apply to a company’s organisational structure. It should be agile, but also more horizontal. Instead of a top-down culture that centralises decision-making at the higher levels of the pyramid, it emphasises an employee-centred approach founded on teamwork and collaboration.

Focusing on the collective goal of the company, an inclusive workplace culture is defined by openness, cooperation and collaboration, increasing employee satisfaction and, therefore, productivity.

Creating a more flexible, more adaptable organisation involves the understanding that innovation is a collaborative process of trial and error. Rather than fearing failure, managers must accept that future successes come from present mistakes.

 

Continuous innovation

Innovation is an ongoing process and should be invested in as such, promoting a daily reality of experimentation and creativity. Businesses must continuously look for new ways of working and not be limited to what is comfortable or the reigning norm. This is a challenge often faced by larger, more established corporations.

The ability to learn how to bounce back from failure, whatever the scale, equips organisations with the tools to cope in spite of setbacks, whether it is disruptive competition or limited resources. In the long run, this process continuously reinforces strengths and resolves weakness within the company. It enables them to become more resilient and recover quickly from mistakes.

Not only will they be able to survive in an increasingly challenging business reality, but even evolve and succeed as they adapt to change in a way that results in greater opportunity for growth.

Enterprise resilience requires innovative thinking at its roots to manage this inevitable change. In addition, by applying innovation and technology, the businesses that have a clearly defined purpose are able to evolve through change while staying aligned with their objectives and core strategy, promoting cohesiveness within the organisation.

 

SEE HOW AN INNOVATION MANAGEMENT SOFTWARE CAN HELP HERE:

6 key dimensions to assess in an innovation management software

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