Digital Innovators: Maintaining Corporate Longevity in the Face of Societal Shifts

Maintaining corporate longevity in the face of societal shifts

One of the most consistent corporate themes is the failure of leading companies to stay atop their industry. It is no easy task as there are a multitude of drivers constantly reshaping how business is conducted.

Technology is one of the most important societal shifts impacting business

Technology is creating massive upheavals in customer expectations. Industry lines are blurring. New forms of competition are emerging, including overnight start-up sensations. Unanticipated digitally-inspired business models such as the sharing economy or subscription boxes have emerged.

Companies are perishing more quickly than ever before

Many one-time household names have found themselves on the wrong side of these seismic shifts. Kodak rejected internal innovation ideas for fear of cannibalisation. Blockbuster did not identify new entrants as competitors.

It is important for incumbents to be at the forefront of innovation, not reactionary

In the face of these shifting market dynamics, innovation is necessary to maintain a company’s relevance. Successful innovation occurs at the intersection of business viability, consumer desirability and technology feasibility.

Companies must accept that failure is a common byproduct of innovation efforts

Companies may listen to their customers and design products or services with their needs in mind, but still fail. While all innovation teams shoot for such success, companies also must have an appetite for the occasional failure.