Why or why not to focus on innovation during a crisis?
Almost a year ago COVID-19 took a start. Nobody thought that it will take that course and such a long time to overcome the pandemic. Different than initially thought, even the year 2021 will be overshadowed by COVID and we have to deal with the pandemic for longer than expected.
Companies and people, in general, change behaviors in a day to day living and keep finding ways to do things differently. A survey by McKinsey shows, that 90% believe that COVID will change the way of doing business over the next 5 years and 85% are talking about an impact on their customers’ needs. That leads to the process of thinking through the company’s products and business models but only 21% have the expertise, resources, and commitment to do so.
Especially at the beginning of COVID, a lot of industries stopped their innovation activities and focused on the core business. Past crises showed that companies that invested in innovation, record growth increase and eventually also can pave the future as a leader on the market.
So why not use these times to find out what customer needs really are or where the future will lead us, taking a look at what competitors doing and also explore the activities beyond the main sector in which one is mainly active?
Based on these findings creating new ideas, business models and making the impossible, possible is a good opportunity to deal with the pandemic and improve as a company. Crises are often giving the chance to implement new things more easily and taking barriers within companies as if they never existed.
So, is it now your right time for innovation?