Why do we need Innovation Agility?
Startups are agile
Startups are challenging the status quo with creativity, agility and technology.
The world is increasingly competitive thanks to the widely accessible technologies.
Creating Future
“The best way to predict future is to create it.” – Peter Drucker
Customers are increasingly demanding with tons of choices competing for their attention.
Keep Customers is harder than ever
Brand loyalty is the word of the past, especially for the new generations of GenZ & Alphas!
Today’s customers may become competitor’s customer tomorrow if they do not stay relevant.
Organisations must keep a close eye on the rapidly changing customer preferences & market opportunities.
Innovation Agility is the ability to change
Successful organisations will constantly improve their agility & abilities to adapt to changes.
Most importantly, agile leadership to innovate & create desirable customer values that fulfil the needs and wants on the horizon.
Innovation Agility is the only way to survive changes
Many once-successful organisations failed because they missed important changes in the market.
Nokia: Once the dominant player in the mobile phone industry, Nokia failed to adapt quickly to the rise of smartphones and the shift towards touchscreens, leading to a significant decline in market share.
Blockbuster Video: As mentioned earlier, Blockbuster failed to adapt to the changing landscape of the video rental industry, specifically the rise of online streaming services. The company’s slow response to the evolving market ultimately led to its downfall.
Kodak: Despite being a pioneer in the photography industry, Kodak failed to embrace digital photography and was slow to transition from film to digital cameras, resulting in a loss of market share and eventual bankruptcy.
BlackBerry: BlackBerry’s failure to adapt to the growing popularity of touchscreen smartphones, particularly the iPhone, and its insistence on maintaining its physical keyboard-dominated design contributed to its decline.
Borders Group: Borders, once a major bookstore chain, struggled to adapt to the rise of e-commerce and the growing popularity of digital books, leading to the closure of its stores and bankruptcy.
Sears Holdings Corporation: Sears, a retail giant that once dominated the industry, failed to respond effectively to the rise of e-commerce and changing consumer preferences. The company’s inability to adapt and innovate contributed to its decline.
RadioShack: RadioShack’s failure to transform its business model and adapt to the changing consumer electronics landscape, including the rise of online retailers, resulted in numerous store closures and bankruptcy.
Eastman Kodak Company (after bankruptcy): Even after emerging from bankruptcy, Kodak’s slow response to the digital imaging market and failure to capitalize on new opportunities hindered its ability to regain its former glory.
Xerox Corporation: Xerox, a leading provider of photocopying and document services, struggled to adapt to the shift towards digital technologies and failed to effectively diversify its product portfolio, leading to a decline in market share.
JCPenney: JCPenney’s lack of agility in adapting to changing consumer preferences and failure to innovate in the retail industry contributed to declining sales and financial difficulties.
Follow Innovation SWAT to learn more about how to develop agile and innovation capabilities to stay ahead of the competition.
