The amount of time a company spends on the S&P 500 is 60% shorter today than in 2000. Many organizations have put all of their energy into maintaining an existing competitive advantage, only to lose focus on innovating and creating the next one. This often ends in being disrupted by new technologies or agile competitors. And eventually it leads to extinction. The only antidote to this disruption is constant innovation.
"… 93% of executives hitch their company's long-term success to their ability to innovate, but at the same time, less than 18% believe their own innovation strategy is delivering a competitive advantage."
Accenture - "Why Low-Risk Innovation is Costly"
The competition is going to market next month. The needs of your customers will shift, and everything can make a 180. No problem — you can adapt like you knew it was going to happen. You have solutions that are ready to go next week. When an organization and all the individuals within it are empowered to innovate, breakthroughs happen every day instead of every year.
To the organizations that thrive, innovation isn't just second nature, it's is a core process and a culture. It's not about waiting for change; it's about making change happen. Repeatedly. And the R&D team can't make all the breakthroughs — today it takes the crowd to make it happen.
A culture of innovation is more than a mission statement. Successful organizations constantly seek out inspiration to keep the innovation pipeline filled. They know that transformational ideas come from everywhere — employees, vendors, customers, and partners. But just gathering ideas isn't enough. Structured innovation processes break through the noise to turn ideas into opportunities that create transformative business outcomes. And that's what drives consistent growth.
"Over 77% of employees never use their enterprise social network, and the vast majority of social collaboration initiatives fail due to lack of purpose."
ZDNet - "Social Business and Enterprise Usage: The Lessons"
The "post and pray" approach doesn't work. It takes a specific set of capabilities to sustain engagement in innovation programs. At Mindjet, we're committed to delivering the platform where enterprise innovation excellence happens every day. See how we can put innovation to work for you.