Hang around with executives in industries as diverse as: automobiles, book publishing, telecom networks, wrist-watches, personal computers, digital cameras, postal services, cigarettes, credit cards, smartphones, steam-irons, oil & gas and even laundromats (among many others) and you’ll undoubtedly hear reference to their determination to avoid what has come to be known as “Kodak moments,” or instances of catastrophic disruption of industry incumbents. What a mistake! Not only are their industries as they know them in serious danger of disappearing, but they are trying to build a strategy by relying upon a metaphor that never really existed. How unfortunate a decision-making situation is that! Read more
Q: First off, why do you think there is much focus on innovation in the current business market? After all, innovation doesn’t necessarily guarantee success.
A: I think that there are several reasons for this. One is that we live in a time where there is major convergence among a wide range of disruptive innovations occurring across our economic landscapes: mobility, the internet, the internet of things, big data, a preference for personalization, distributed manufacturing, artificial intelligence, and the like. Each of these would be a major change in how we work and live on its own, but together they create a tsunami of change where innovation is at the center, as the engine driving fundamental disruption in nearly every aspect of our lives. No wonder that managers are caught-up in a thirst for applying innovation in their own businesses.
A second reason for the growing attention to innovation is that significant innovative change is occurring in many industries more frequently than ever before, making change more of a continuous phenomena than the traditional episodic character that was formerly ascribed to it. As change becomes more central to strategic decision-making, innovation becomes more important as a strategy choice.