In a scenario of accelerated digitization such as the current one, companies have to establish, through models that encourage and sustain innovation, strategies that allow them to redefine and reimagine their relationship with customers based on new purchasing habits, and this requires evolving towards service models thought in terms of solutions and not products, that are always available, and can anticipate your needs. And that happens by creating a business model that drives innovation throughout the company, which is not easy.
Keys To Establishing An Innovation Model
- Establish a startup mentality, which allows making mistakes quickly and cheaply to take on the challenges. They must create a culture of experimentation, which provides trial-and-error, and make some first MVPs that can evolve.
- Significantly increase budgets: innovating, transforming, or even aspiring to reinvent itself is not free. It requires investment and dedicating 10-20% of energy and resources to the company’s transformation. The advice is to propose frameworks with a horizon of two to three years.
- Implement agile cultures and methodologies that project actions over time.
- Investigate market trends to connect with opportunities and understand how they affect the purpose, the value proposition, and the business model. In this way, the strategy can evolve.
- Map the complete customer experience, connecting the context, expectations, and needs to prioritize transformational improvements.
- Provide the necessary infrastructure to operate with different metrics that, in real-time, allow the establishment of continuous improvement processes.
- Create hybrid work teams that achieve the company’s innovation objective, combining internal knowledge with the attraction of talent that challenges the ‘status-quo to project business evolution.
In addition to the ‘in-house team, they have to rely on external talent to partner with multidisciplinary profiles. In this way, they will achieve the necessary speed, flexibility, and time-to-market.
On the other hand, the research also concludes that there should be close collaboration between the Business and Technology areas. Business leaders must have good knowledge of Technology and be involved in the technical decisions of the company. At the same time, those responsible for Technology must act as responsible for the business, building together a technological architecture that allows innovation and evolution.