Adaptation, creativity, and innovation are the only way to transformation
For any business that has undergone a successful transformation, innovation has been the ingredient behind the transformation. As times change, businesses only have two main options: innovate or die. It is through adapting, creating, and innovating that businesses can stay afloat during tough times and as the business environment changes.
Here are some businesses that have adapted and innovated to meet challenges and change with the times.
Alibaba’s open innovation
Alibaba’s growth over the past 20 years from a local B2B model to an international e-commerce model has been a result of constant innovation. Recently, the company is leveraging on open innovation whereby the firm’s industry knowledge and technology capabilities are being enhanced as consumer demands continue to grow and the competition continues to increase.
Through open innovation, Alibaba takes advantage of external ideas, resources, and networks to advance its technology and products. Combining internal and external ideas helps understand what customers want and come up with the best ways to meet customer needs. As a result, the company increasingly becomes the customers’ preferred choice, improves customer service, and meets the millions of orders made by customers.
The open-mindedness to new technologies such as cloud management and artificial intelligence has helped Alibaba continue to dominate local and international e-commerce circles. The willingness to learn from their local and international networks, form partnerships with brands and encourage content generation has helped the company understand customer needs better and work towards meeting these needs.
Netflix, always seeing the future
Another innovation-led transformation was that of Netflix. The evolution of Netflix is just a great example of how a business can innovate and transform to meet the changing tastes and preferences of its customers.
Netflix started as a movie renting company with a flat fee subscription package. As the tastes of its viewers changed, as well as digital transformation, Netflix moved to launch internet media streaming services successfully disrupting the traditional TV Networks. Over the years, as technology continues to change dramatically, Netflix has evolved and adapted to the changes in the market. In 2013, Netflix went ahead and started producing its own original content and this has increased the Brand’s popularity and subscriptions even further.
The transformation from DVD by mail business model to streaming original content has called for innovation and transformation over time. People moved from renting movies to DVDs, preferring to stream content in their own homes. As the quality of the internet improved, Netflix took this chance to offer streaming services for its clientele. Further, users chose to binge-watch shows rather than having to wait a whole week to catch up with their favorite shows. Netflix recognized this and introduced the concept of launching a whole season all at once so viewers can binge and enjoy the show.
Innovation, adaptation, and creativity
This kind of thinking which includes recognizing what the customer wants and giving it to them, as well as taking advantage of the changing technologies instead of complaining about them is a perfect example of process and process innovation.
CEOs or leaders need to prioritize innovation in order to develop skills and technologies suitable for the new era. A company’s focus should not just be pointed towards making money using the current methods, but focusing on possible future methods.
Adaptation does not come easy, but it is necessary. In every industry, there is a pending digital future. There is a possible alternate future of how processes can be changed. Success in the future depends on how the business innovates and transforms to keep up with or stay ahead of the changes.
Innovation involves rethinking or reimagining a business process that already exists. It involves challenging the norms of the existing business processes. Innovation also comes from letting the people become creative within the organization. By welcoming ideas, the leaders in an organization open the door for innovation. Anyone within the organization is capable of coming up with a solution to change the processes within the organization.
Having an open mind to changes places the organization in a position where it is open to change. Investing in research and development allows a certain team to focus on better ways to get things done and there change the company as the times change.
Conclusively, every modern leader needs to know that only through adaptation, innovation and creativity can business development solutions meet challenges. It is only through innovation can businesses change as the times change, well enough to keep up with trends and continue being relevant to stakeholders.
The Destiny Team