In this article, I have highlighted the need of interesting and innovative solutions that businesses can develop in response to pandemics to illustrate their innovative power, especially in times of uncertainty and ambiguity. In this short piece, I propose possible scenarios in which companies can explore the opportunities for innovation and entrepreneurship.
While companies see digital transformation as essential to business recovery, companies often fail to build a culture of innovation, especially in the aftermath of a crisis. Control of the key factors of innovation is even more important as companies prepare to get back on track to growth from crises.
Innovation happens with people, and attracting candidates who are committed to achieving the same goals will enable innovation to be embedded in all aspects of corporate strategy and culture. Remember that the platform is a place where employees can play an active role in developing and implementing new business models and business strategies.
If we focus on innovation and overcome these difficulties, we will see that companies can continue to thrive in the face of new challenges such as COVID-19 and other pandemics. Innovation, particularly in the health sector, is one of the key factors in determining whether the response to CO VID-19 will help to accelerate recovery from the pandemic. Innovation can help companies succeed when the crisis is over and business returns to normal.
This sounds counterproductive – intuitive – but if we want to be successful organizations again, we need to focus on strategic innovation. Of course, no one wants a crisis for innovation’s sake, but getting through the crisis is not a sustainable innovation strategy. Strategic innovation is the choice, and it has proven to be the best way to deal with crises. It is important to understand that successful strategic innovations differ from industry to industry and from company to company. Remember that strategic innovation is a choice and that it is not just about innovation in the face of the crisis.
Similarly, the COVID 19 pandemic has prompted many companies to reinvent themselves and try to overcome the crisis. Companies had to be creative to find low-hanging fruit that could be quickly put into operation. The ability to create a platform to meet the needs of an ever-evolving industry has provided us with an important leg in the pandemic.
When the new normal takes shape, the ability to move and innovate quickly is the key to the future. As the “new normal” takes shape and the world around us changes, it also holds all the keys to our future.
To innovate rapidly in the COVID 19 pandemic, most organizations need to be strategic rather than reactive. The key for companies to survive and prosper in a post-pandemic world will be to find and maintain a company’s unique selling point. Social isolation and lockout make it difficult for a company to reach potential customers, even if it has a product that people need during a pandemic.
By aligning the organization with an innovation framework, business leaders can better understand how to weather the storm. Putting people’s needs at the heart of innovation and taking calculated risks to produce more successful innovations can help companies accelerate the innovation cycle. Innovation teams already have the ability to organize enthusiasm and implement ideas quickly.
Smaller companies can be more agile because they can mix the key components of innovation much faster. The healthcare industry does not have to be like this to experience the benefits of innovation as a company.
Be it Healthcare or any Engineering company, post pandemic, innovation will play a key role in business growth!