The cost of missed innovation
In the lastย blog, we talked about innovation, what it is, and why companies need to innovate. Now let’s dive deeper and look at the flip side.
Everyone talks about the ROI of innovation but few talk about the cost of not innovating!
We understand taking risks can be scary, but so can ๐ฏ๐ฐ๐ต taking them! What rฬฒiฬฒsฬฒkฬฒ is your organization taking by failing to adapt, to change, ๐๐ผ ๐ถ๐ป๐ป๐ผ๐๐ฎ๐๐ฒ?
๐ฅ Becoming ๐ถ๐ฟ๐ฟ๐ฒ๐น๐ฒ๐๐ฎ๐ป๐ to your customers?
๐ฅ ๐๐ถ๐บ๐ฝ๐ถ๐ป๐ด behind your competition?
๐ฅ ๐๐๐๐ฟ๐ถ๐๐ถ๐ผ๐ป of your top talent?
๐ฅ ๐ฃ๐ผ๐ผ๐ฟ company culture?
๐ฅ A ๐ณ๐ถ๐ ๐ฒ๐ฑ mindset?
๐ฅ ๐ ๐ถ๐๐๐ฒ๐ฑ opportunities?
Innovation is not just about ๐ช๐ฏ๐ท๐ฆ๐ฏ๐ต๐ช๐ฏ๐จ (myth #1)! Innovation comes from Latin roots, meaning “make new, alter, discover”. It permeates every facet of your organization; and a reluctance to innovate can ๐ฐ๐ฟ๐๐๐ต a business.
Think Blockbuster! Think Toys-R-Us!! I know, we mentioned them last time.
๐๐ผ๐ปโ๐ ๐น๐ฒ๐ ๐ถ๐ ๐ฐ๐ฟ๐๐๐ต ๐๐ผ๐๐ฟ๐.
And the beauty of innovation? You do not have to do everything, all at once.
This is exactly where we see many organizations fail. They know they need to innovate, to be different. BUT they think they have to do everything, all at once (myth #2). And unless you are one of the top 5 or 10 mortgage lenders, with unlimited resources and budgets, that is typically not an option.
So you balk. You postpone. You don’t think the time is right.
What you may not understand is that there is no “right time”; there is just time and what you choose to do with it.
What if, instead, you start to think of innovation as an iterative process? Once you’ve come up with your innovation strategy and roadmap, prioritize your projects and then incrementally innovate: introduce a new process or implement a new platform; make sure you allocate enough time for testing, training, and most importantly, change management to drive user adoption.
Evaluate what happened. Adapt & adjust your priorities. “Innovate”. Repeat.
It really can be as simple as that.
Ready to talk?ย Reach outย to us today to start the conversation.