Innovation is not optional
THE “PATHWAYS” that disrupted the course of the world’s journey were born out of visions for a different future. They changed the way we think and the way we do. They introduced new technologies, found new cures for man’s ills, made life easier and sadly in many instances, also made its extinction faster.
These inspired visions were fueled by innovation. Today, leaders recognize that without this drive to create something, to improve the way things are done and to enable meaningful transformations, they are at best, taking the path to mediocrity or risk fading into oblivion.
The shifts
We are in the midpoint of a decade where growth will be phenomenal, not just incremental but exponential. The United Nations estimated that the current world population of 7.2 billion will increase by 1 billion over the next 10 years and reach 9.6 billion by 2050. This ‘next billion’ is much more challenging to serve because they will come with new norms, will be comfortable in diversity, will thrive in different conditions and will demand that products and services rise to fulfill their expectations.
The shape of things to come
Business will operate in an increasingly unpredictable environment where we will see the rise of the “emerging,” the development of the “underdeveloped” and the retreating of the “developed.” In this disruptive landscape, there is no tempo, no even rhythm, no predictable ending in organizational stories where the script gets written and rewritten all the time.
Such developments will trigger massive shifts in terms of mindsets.
What used to be a focus on the West will move toward the East; from big to small, from volume now to going after what can maximize profit. Those who have invested in capability will now have to invest in imagination; move from an independent economy to a collaborative economy; from evolving to continuously disrupting.
The expanded opportunity will spread progress but the balance can tilt any time. It can be volatile yet vibrant; uncertain yet unlimited in potential, complex yet connected and ambiguous yet abound with possibilities. Organizations will be in a continual state of tension to stay in place.
The ‘alphabet’ generation
The diverse needs of the ‘silver’ generation, the Gen X, Gen Y and Gen Z, render product development, market segmentation and customer relations very challenging.
The rise of the Gen C will make the relationships even more complicated. The Cs are more powerful because they have global mindsets, they cross age barriers and they thrive in creation, curation, connection and community.
They do not just consume online content, they create them and share them, and build communities or movements based on sentiments.
They can either be passionate brand advocates or they can kill products with a flick of their phone apps. They “own” the YouTube platform, not just as passive watchers but as active consumers.
Engaging the ‘alphabet’ markets requires changed mindsets, enhanced skillsets and the organization’s ability to “create” the change and remain on top of each new wave, riding them to a successful high every time.
Changed world order
The changed world order will, in many ways, blur the divide between companies and communities as contribution to social progress will be as critical as profitability when determining performance.
Innovation will be the fuel to successfully navigate the twists and turns but its “open” and collaborative character will facilitate the market entry of other innovators. Only the most innovative will survive.
Metamorphosis
There is no waiting out for the storms to pass; market leaders will meet the waves head on or sink.
Change may have been enough for many enterprises to emerge from what was but not sufficient to ride what is and what will be.
The imperative is to morph the organizational DNA and emerge completely different. The discipline, foresight and innovative spirit to transform mindsets and processes will give birth to stronger, agile organizations that can create and shape their markets, unhampered by geographies.
* * *
To keep the innovation discussions going, the 13th International CEO Conference 2015 of the Management Association of the Philippines will provide the forum where successful companies who dared to invest in new ideas and boldly ventured in uncharted seas can impart their challenges and glories.
The theme opens up exciting big ideas that can ignite creative journeys: Metamorphosis: Inspired by Vision, Fueled by Innovation.
The sessions will focus on the new normal—innovative business strategies that propelled emerging or re-configured organizations to amazing heights. Will they sustain the momentum? Will the business models withstand inevitable storms of disruptions? Can they create social impact? Or will they become stories of what not to do? However their stories will turn out, today they provide exciting twists and turns because of the possibilities they present and the doors they are opening.
Experts were also invited to share their innovation insights culled from their extensive studies and experiences in their respective disciplines.
Be at this conference and find out. It will be held on Sept. 8, at Makati Shangri-La Hotel.
(The author is chair of the MAP Asean Integration Committee, chair of the MAP Trade, Industry and Tourism Committee, and vice chair of the MAP CEO Conference Committee. She is the president and CEO of Health Solutions Corporation. Feedback at [email protected] and [email protected]. For previous articles, please visit map.org.ph.)
