RIGHT NOW or AS SOON AS?

RIGHT NOW or AS SOON AS?

Most companies avoid innovation projects under the assumption that they should get to a point where everything is running smoothly and efficiently before attempting anything new. However, that approach is sure to fail, as the rapid pace of technological advancements and the rise of social media tell us that there is no “steady state”. Companies must continuously innovate and adapt to stay ahead of the curve and meet increasing consumer demand. This means that businesses must excel at both innovation and efficiency – juggling two tasks at once that often seem to be in conflict. The key is to adopt a mindset of right now rather than as soon as, and to create a compelling sense of urgency around innovation.

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More Innovation Resources:

2 Super Smart Ways to Catalyze Innovative Success

Toy manufacturers like Mattel and Hasbro are capitalizing on the popularity of social media themes to drive growth, and are streamlining their innovation processes to develop products in months or even weeks.

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Open Services Innovation

Innovation management and service offerings can help companies escape the commodity trap, as seen in the transformation of GE Aviation’s business model to offer engine maintenance and repair services through their ‘‘Power by the Hour’’ pricing model.

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What is Incremental Innovation

Incremental innovation refers to gradual improvements in existing products, services and concepts based on customer feedback. Its importance lies in steady development and growth.

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