In 2018, things will be moving faster in your industry than ever before.
Opportunities for growth have never been more plentiful, but so too are opportunities for your plans to be derailed and your operation disrupted by the competition.
Too often, organizations are happy playing it safe. They’ve done things a certain way for many years, so why change? While the magnitude of this risk-averse attitude will vary by industry, market, and the size of your organization, markets are moving faster than ever. Technology has enabled competitors to move into previously untouchable markets, launch products at an ever accelerating pace, and cut costs to win contracts and customers.
Organizations who chose to ignore these threats are see their market share diminish before they can react. So what’s the solution? Focus on disrupting yourself first.
A strong innovation program relies on the pursuit of continuous improvement and lean initiatives to constantly discover new opportunities to save costs, but should also be willing to take things a step further for a greater impact on their bottom-line.
A great first step is making greater use of what you already have. Expanding your product or service offerings to new customer segments or markets, adding new features or pricing packages, and finding new ways to get your offering to your customers can unlock more revenue potential without the risk that comes from larger projects.
But that doesn’t mean that those larger projects should be ignored.
Success favors the bold, and organizational innovation is no exception. Beat your competition to the punch by disrupting your marketplace with new products, services, or even ventures (depending on your organization’s size). While the resources, time, and commitment to these types of initiatives can be intense, it can be a game-changer for your organization. The risk isn’t comfortable, but neither is going out of business.
In the end, combining your lean and continuous improvement team methodologies with an appetite for bold-thinking and risk-taking changes to your offering or operation is the only means of survival in today’s marketplace. The investment may be difficult to swallow at first, but can lead your organization to a long and healthy future in the 21st century.