Innovation: It’s More Than Just A Nice-To-Have
Our day-to-day lifestyle has significantly changed in this new reality created by the COVID-19 pandemic. Regardless of how tech-savvy you were before, you – like everyone else – now depend on digital tools to manage both your personal and professional life.
A lot of these products, services, and platforms did not exist or were only available to a select audience before the pandemic. Many were considered too innovative or “nice to have” but not necessary. But think about all of the elderly people staying connected to their loved ones through video platforms, the average families using delivery apps for groceries, or the companies hosting large conferences in virtual setups – the list goes on and on. In most cases, there was no (or little) need for those tools before, so they were scarcely used. And yet organizations still invested in and brought them to market. Looking at the demand now, we can see some organizations were a step ahead of the others. What’s their secret to knowing what will be needed in the future? The answer: their drive for innovation.
Innovation: what does it mean?
How many times have you heard or seen the word “innovation” just today? Well, at least four times in this article so far. And beyond? Yes, it’s everywhere, but it is still an abstract idea for many people – just a buzzword. Let’s dig deeper into what innovation is. Here is how several online sources (linked in the References below) define it:
- Innovation is the process of doing things differently and discovering new ways of doing things.
- Innovation is adapting to change to better meet demands of products or services.
- Innovation is improving business processes and models, developing new products or services, adding value to existing products, services, or markets.
- Innovation’s aim is to provide something original or unique that can have an impact on society.
Understanding and living innovation, especially in times of change
One point that is missing from this list: Innovation spares no one. It is essential for individuals and organizations, for the CEO of a company just as much as the entrepreneur who is just getting started. That said, you do not need to aim be the next Amazon or Airbnb. Small changes can help you foster an innovation mindset to proactively respond to potential disruptions.
Imagine the current pandemic a decade ago: no virtual office meetings, no video calls with family and friends, no 24/7 food delivery to your doorstep. Think about the economic and emotional impact it would have had. By all means, the economic impact today is enormous, but imagine how much worse it could have been in the past. Companies would have stopped operating with no alternatives; there would no e-commerce, no IT infrastructure, and no availability. If there wasn’t an innovative mindset and driven teams that created these products, services, and platforms, we would be in an even less fortunate scenario now.
Write (innovation) history!
“It is only the farmer who faithfully plants seeds in the Spring, who reaps a harvest in the Autumn.”
— B.C. Forbes
At this moment, we are writing history. We are living through the most disruptive period we have ever seen, a time when innovations are needed more than ever. We need to think one step ahead and take this opportunity to reinvent ourselves. We also need to make this an ongoing practice – all of us, from small and midsize businesses to big corporations. Whether you are producing something like face masks and need to rethink your supply chain management due to high demand, or you’re an events company that needs to go fully virtual in a single day, this applies to you.
I strongly believe that we will rise from this crisis with a new appreciation for innovation and change. Innovation should be a mandatory component of your daily experience and strategy instead of being regarded as a luxury – especially now.
References
For more on thriving through today’s disruption and certainty, see the “Navigating Disruption Today, Planning for Tomorrow” series.