Holistic Business Innovation for Competitive Advantages
To be successful in business, it is vital to identify and enhance your competitive advantage vs other competitions.
It makes perfect sense if you fail to create competitive advantages in your business, your customers will chose your competitions who has them.
Competitive advantages comes in many shapes and forms, and it varies across different industries. It could be embedded in the processes of value creation, the production efficiency of values, or perceived value of the final product/service itself. And very often, combinations of the above or all.
Technical Competitiveness is getting more challenging
In the old days, big companies will spend big bucks in technical innovations that create competitive advantages other companies hard to compete.
With advancement of production technology and mass knowledge sharing, the privilege of technical innovations are made even across many industries, thus companies need to rethink and innovate other alternatives to sustain competitiveness.
Although technical innovation will continue as competitive advantage generation model for mega cooperation, most companies will need to shift competitive advantage in non-technical aspects of the value creation processes.
Competition of creativity and speed
With demanding customers and sophisticated replication technology, branding & product design and customer relationship will become critical competitive advantage to attract and retain customers, and you need to provide more choices and innovate quicker to sustain competitiveness in cost and speed to market. (check out Rapid Innovation post here)
In short, companies need to “thinking out of the boxes” on how to build more relevant & creative choices for their customers faster & cheaper, and it requires a total re-engineering of traditional workflow in product development, brand building, marketing communication and customer relationship management, as well as the organization and operation design – which I call holistic business innovation.
About the author:
Justin Tsui is a business innovation consultant specialized in holistic product design, brand strategy and digital marketing solutions. With 15+ years professional experience working with MNC consultancies and companies, Justin worked in wide range of projects in various industries like FMCG, Retail Marketing, Telecommunication, Licensing, Electronics, and Public Space Design. Justin have developed many products and brands with proven success, and has the privilege to worked with some of the renown brands & companies including P&G, Tide, Ariel, AT&T, VTech, Chicco, Kappa, 7-Eleven, Disney, Hello Kitty etc…
Artefactx Consultants (www.artefactx.com) (+852)34263803