Uncertainty endures in the cut-throat world of business, making innovation more important than ever. Globalization and technological advancements continue to confront companies with as many challenges as they do opportunities, demanding new visions and strategies. In a climate where the only guarantee is volatility, the way executives deal with uncertainty can make or break a business.
Innovation is a crucial pillar of progress, but its pace of change presents a unique challenge for businesses. With technology disrupting traditional industries and the status quo, there’s mounting pressure to innovate. But even with the right resources, meaningful innovation can often slip away from companies without a smart strategy and, more importantly, forward-looking leadership.
The businesses that thrive today are those that transform uncertainties into opportunities for growth. Uncertainties can be transformed into positive outcomes by companies who recognize that innovation needs a human face. With socially intelligent leaders to implement human-led models, innovation spells growth rather than disruption.
Business uncertainty means that companies can no longer afford to ignore innovation. Many companies are now directing a significant portion of their budgets towards innovation efforts, having realized it keeps them competitive and boosts revenue. The results are promising. According to PwC’s innovation benchmark report, half of surveyed companies across a total of 44 countries found that their innovation programs had a ‘great impact’ on stimulating revenue growth.
Yet in reality, the big spenders are not always the top innovators.
No matter how much you pump in to an innovation initiative, it’s the strategy and all-important execution that counts. In a competitive business arena the traditional R&D approach—which sidelines the power of people—is unlikely to foster meaningful discoveries. Streamlined, uncompromising approaches to innovation often result in a struggle to align business strategies with innovation drives. As a result, companies lose out on the benefits of collaboration between departments and other partners.
Increasingly, businesses are discovering that there is a distinctly human element to long-lasting innovation. By harnessing the power of people at every stage of the innovation process, companies can unlock a wider pool of the ideas, insights and talent that drive discovery. But these collaborative innovation models don’t build themselves, and must be guided by socially intelligent, innovative leaders.
Like anything else in business, collaboration must be crafted. If executed properly, open frameworks can loop more minds into the process to keep the flow of innovation steady and effective. With this in motion, companies can expect to nurture innovation for growth. Today’s business leaders must understand how to incentivize this collaborative approach, which demands that they are dynamic, decisive and socially minded.
Enrolling on the Innovation for Growth program at IE is a practical step for any executive who wants to get a step ahead in a world of commercial uncertainty. Participants develop the leadership qualities that will allow them to effectively harness innovation within their organizations and beyond. Delivered online through a combination of live videos and interactive exercises led by top-tier faculty, Innovation for Growth permits maximum flexibility without sacrificing on the academic vigor that defines IE.
In a succinct five-week program, executives can expect to gain both the theoretical knowledge and practical skill set to engineer lasting innovation in any company. Discover how the Innovation for Growth program can empower you to become a next-level leader and kickstart innovation in your business.