Innovation the brain box to sustaining business in the 21st century
Strategy is not about celebrating the past, it’s not about celebrating the present, but all about leadership in the future.
One thing we know is if the strategy is about leadership in the future, the world keeps changing in the future.
So if you want to be a leader in the future, you have to adapt to change. In other words, adapting to change is innovation. Therefore, the strategy is innovation.
This means business will change more in the next 10 years than it has been in the last 50. If the 20th century is about quality, the 21st century is about velocity-about how quickly businesses will change, how business will be transacted and how information can alter the way consumers do business.
Quality improvement and business operation will occur faster. The businesses that respond to changes to sales in hours instead of weeks and months will stay in business. These changes can occur in matter of second through the delivering of information.
We’re in a volatile business era where staying ahead of the games requires constant innovation to keep you better inform and adapt to changes that may arise. Whether your business idea is in Nigeria or anywhere, in the world, innovation is the brain box to sustaining the business.
After going through a range of successful businesses like Microsoft, apple, amazon, google, coca cola and so on, I realize they’re not just there because of luck, but because they continue to innovate. There are two basic things they do and I call them operation.
1. Present operation
2. Future operation
The present operation represents what you’re doing now. It can be the new product you have released or the service you’re offering. At this stage, this is what is sustaining the business and generating the cash from sales.
For instance, let’s say a software company releases an XYZ software version 1.0, then currently this is what the company has. But no matter how good the software is, there is every tendency that the users might get to know certain demerit of the software and may want an upgraded version or maybe your competitor will develop similar software to rival your software. A savvy entrepreneur will move to the second phase of operation while they still promote the software
This is the strategy or innovation been develop for the future. That is your future operation is your innovation for the future. This is where you plan on series of what to do to improve your product or service. This can also be called an experiment phase.
For instance, a software company which has his software already in the market will start experimenting on how to upgrade the software while they study the market base on the trend to be able to predict the direction the of the market in the future. This let them know when exactly is the time to release the updated version of the product.
To stay in business this 21st century, you’ll need to know what your customers want and when they want it. This is achieved by developing strategies that will meet the change when it comes. Just follow what Toyota said kai zan that means “continues improvement”.