VUCA = Volatility Uncertainty Complexity Ambiguity
We have never lived times like the current ones when companies are appearing and disappearing with the speed of light, jobs with tradition are gone and new jobs appear almost daily, is very difficult to adapt and keep the pace of change.
Only 12,2% of the Top Forbes 500 companies survived from 1955 (details here).
Working in traditional ways is no longer enough. Applying 6 Sigma, Lean, Kaizen, Agile can help to one point where efficiency is not enough to insure growth.
You seethe competition surpassing you, your growth engines are gripped, you are asked for increased revenues, profit and market share and you can make wonders happen.
What you do then? Not too many options are left. Here comes INNOVATION. Innovation not like in the books, a too misused and abused word. You need not just new ideas, you need new ideas transformed to new products or services, new businesses, new distribution chains, new innovative pricing techniques, new value for your clients to determine them chose you instead the competition.
And this a very difficult task. And normally very hard to do only with internal resources. “What got you here won’t get you there” says coaching Guru Marshall Goldsmith.
Is not rocket science but is not easy too when you do not have the know-how and the instruments to implement innovation. Jobs-to-be-done, design thinking, ideation, trend watching, benchmarking, persona profiling, customer journey, fast prototyping and many others will all help you in this wonderful journey of regaining profitable growth. Of course small failures can come on the way, they are inevitable, but necessary to learn from them.
Good luck in your innovation journey! If you need any advise, just ask. Also would like to find out your innovation success stories.