As transformation programs go into overdrive to prepare organizations for the post-pandemic world, this historic global disruption is creating a unique set of challenges and opportunities for industries and society. A rapid innovation capability has never been more critical to success. But too often, companies simply get in the way of their attempts to innovate. It is paramount that organizations look at their entire ecosystem when it comes to innovation.
True innovation no longer takes place exclusively within an organization’s dedicated and often siloed internal R&D team. The talent and knowledge critical for successful innovation should not be limited by the boundaries of your business, but be sourced from across different industries and geographies, and from all types of possible partners. Organizations that set up open innovation alliances, networks and ecosystems can exploit global talent and data to create a bigger pool of ideas and solutions. The most successful companies will be those that can build strong, collaborative ties with their customers, partners, suppliers, and other stakeholders – including employees – to drive innovation across boundaries.
