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Why Companies Have to Innovate on Time

The current crisis is a catalyst for advancing technology in business. Companies are forced to research, experiment, and apply new technologies in order to stay in the market and be successful.
Running Twice as Fast: Why Companies Have to Innovate on Time
Running Twice as Fast: Why Companies Have to Innovate on Time
Oren Harari gives a vivid analogy
Oren Harari gives a vivid analogy
Smooth development is not always sufficient
Smooth development is not always sufficient
Experiments lead to the right solutions
Experiments lead to the right solutions
Any company must implement creative ideas, rethink processes, and offer new methods and products. In a world of constant technological change and globalization, companies will not remain competitive without following current trends, advancing best practices in manufacturing, and using innovative developments. Breakthrough changes are impossible without an advanced society and culture based on constant learning, freedom of experimentation, and proposals. Earlier, many companies lacked motivation for innovation, but now drastic changes have become vital.
Digitize If You Want to Survive
The pandemic has put many companies in the dilemma of shifting their enterprise to digital technology as much as possible, or they will have to shut down: many traditional businesses will probably fail to meet the long period of the ban on offline activities. As an incentive for such a transformation, quarantine increased demand for digital services and technologies.

IT companies and successfully digitalized companies in traditional industries are opening new development opportunities. For those companies that have been slow with new technologies, quarantine provides the last chance. No one knows how long the quarantine will last. During this time, many companies will run out of strength reserves and face survival. It will largely depend on the skills to implement the necessary technologies in time: remote work, online sales, tracking, and fast delivery.
Do not Stay Behind Forever
Sometimes it is not enough to improve old ideas. For a qualitatively new leap, companies need to qualitatively new ideas and technologies. Citing business professor at the University of San Francisco Oren Harari,

It's true that the light bulb did not come from continuous improvement of the technology of a candle, but it did come from continuous improvement over the benefit of the candle.

The world remembers the stories of large companies that did not dare to make a technological transition and came to defeat. Let us remember remarkable.

Kodak has been the prevailing company in the film market for the last century but had to declare bankruptcy in 2012. The company underestimated the revolutionary technology of digital photography they have created. Executives were afraid to give in to the film market and lose demand for it, so they did not promote their digital cameras. It was the beginning of the end for the company.
Oren Harari gives a vivid analogy
Oren Harari gives a vivid analogy
Smooth development is not always sufficient
Smooth development is not always sufficient
Experiments lead to the right solutions
Experiments lead to the right solutions
Yahoo search service was a leader in the online advertising market in 2005. As a strategy, the company's managers chose expansion into the media giant rather than improving search engines. The company ignored consumer queries and trends, lack of improved user experience, and the need for improvements. Scaling failed due to insufficient profits and misplaced priorities. Yahoo did not conduct research and was not sensitive enough to innovation trends, and found themselves on the sidelines of the market.

Nokia has been a world leader in the development and manufacture of mobile phones. The previous market success made the company to overestimate the strength of its brand. With the advent of PK and smartphones, the company was in no hurry to change directions. The change of focus was a risk, and in too much fear of losing customers, the company lost the market. When Nokia released its smartphone, it was too late for the competition.
Grab the trends
It is impossible to predict what technology will become a revolution and what will remain an experiment. By keeping the finger on the pulse of technological trends, executives can grab and apply profitable and successful solutions. The growth of e-commerce, the increase in the number of remote workers, smart devices suggest that transformation is on the doorstep. Logistics is on the verge of an unmanned revolution; analysts of the world's leading consulting companies believe. According to McKinsey, by 2030, 15% of all new cars sold will be driven without a driver. What will companies be like when technology completely displaces a person from entire spheres and industries, leaving him the role of passive observer and recipient of services?

By concentrating on small steps of advancement, the company may miss opportunities to transform and gain new benefits. Now the main transition that will separate successful companies from the laggards is digital tools and innovation. The company, which, for example, did not quickly replace its sales online, was late in the market, and if the neighbor did it faster, it lost in the competition. Global challenges force companies to take risks and apply new ideas. The power of innovation and the way it changes the market should not be underestimated.
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