Resilient companies have quickly adapted to changing market needs and trends and have engaged in continuous learning to survive.
But to truly succeed and rise above competitors, companies must embrace breakthrough innovation.
What is breakthrough innovation?
Typically, its not a single solution but rather the cumulative result of sustained, incremental attempts.
In the modern business environment, breakthrough innovation is no longer solely the mandate of research and development departments.
Rather, its something that technology businesses must weave into the fabric of their organizations or risk becoming obsolete.
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Theres no risk of rocking the proverbial boat if the storm has already hit.
However, its exactly these circumstances in which innovation should become a strategic priority.
The most successful companies the ones that emerge stronger after crises reject the status quo and adoptan antifragile mindset.
They see opportunity in the face of failure and defeat.
This risk inspired a renewed focus on innovation that helped the company regain its position as an industry leader.
Without the threat presented by the financial crash, Ford likely wouldve continued to stagnate.
Times of uncertainty call for more risk-taking.
When their operations resumed, they had advanced far beyond any competitors.
To see a similar success story, you must emphasize transformation over restriction.
As you evaluate your core competencies, have a go at identify inefficiencies you could eliminate with technology.
if you just look hard enough.
They know exactly where the problems are, but actually addressing these problems isnt risk-free.
But if youre already in the midst of a storm, there may be little left to lose.
Evaluate which three to five changes would improve your technology business offerings or workflows the most.
Once youve narrowed down some possibilities, rank them by risk.
Select two one with high risk and one with low risk to explore further.
Some of these changes are temporary, but others are profound and permanent.
They might seem alarming at first, but it all depends on your perspective.
Do you consider the changes crises or opportunities?
If youre searching for areas to apply new ways of thinking, start with new problems.
Some of the solutions you devise during these exercises might actually be viable (or even profitable).
Theres a chance you already have.
After all, it’s crucial that you survive this crisis.
But a survival mindset wont drive breakthrough innovation.
Fearing failure and disruption during tumultuous times will set you back further because itll prevent you from pivoting accordingly.
Instead, take up an antifragile mindset and promote innovation companywide.
Challenge every team member to think differently about strategies and processes.
Now is not the time to say, Weve always done it this way.
However, the industry was soon disrupted by new challenges and a demand for more flexibility.
As a result, they saw customer engagement plateau as their customers looked elsewhere for more innovative solutions.
ensure your entire team knows what your goal is and how to work toward it.
This is especially important now, when most of your workforce is likely remote.
Dont take a stab at control or centralize their efforts.
It wont be perfect, but action is what matters most.
Eventually, the pandemic will dissipate.
Dont let the fear of rocking the boat be an excuse to ignore the pursuit of innovation.
