2016 is setting up to be the year innovation becomes top of mind for business leaders. For 2012 through 2015, innovation has taken a back seat to disruption. Disruption turns our world around by literally uprooting and changing how we think, behave, do business, learn and go about our day-to-day. Innovation, however, is a maker, not a destroyer.
Established organizations have listened to the Adapt or Perish rhetoric of disruption for several years and understand that their continued existence depends on their ability to innovate. Currently, a great deal of growing organizations are investing in Innovation Departments; while others realize that innovation is a company-wide priority and are changing their entire corporate culture to reflect that.
In 2016, savvy leadership members will realize that, while nothing less than adaptation on all fronts is required to thrive, revolutionizing internal processes will be the first step. The marketing, HR and procurement departments are all beginning to see adaptation and innovation with internet-of-things enabled technologies becoming normalized.
Why Innovation Should Be Your First Priority
- At current rates of churn, 75% of the S&P500 will be replaced by 2027.
- Between 2003-2013, 712 corporations fell off the Fortune 1000, more than double the number that fell in a comparable period 1973-1983. CBInsights.
- 59% of CEOs worry about having their business model disrupted by a new entrant to their industry. Forbes Insights.
In 2016, leaders will face competition from known, as well as unpredictable sources, making innovation the best business strategy. Those who spearhead innovation from within an organization will gain clout and credibility as they steer the business into the winds of change.
What is your firm doing to innovate?