Today, it is becoming increasingly difficult to stand out from the competition. Industry-leading companies incorporate innovation strategically in order to differentiate themselves from the competition. Leaders must strive for new ways of doing business in order to prepare for and adapt to change and stay ahead of the competition.
UNC faculty member, Dr. Sridhar Balasubramanian teaches in the 3-day Strategic Innovation Executive Development program. In an interview on the topic, he was asked the following question:
Why is it important for an organization to master innovation?
“There are multiple reasons why it is important for organizations to master innovation. First of all, the world is becoming increasingly competitive. Fifty years back you only talked about competition from your local region. Today, you produce a product, you try to patent it, but within about six months somebody … some company in Asia has produced something pretty close and they worked around your patents as well. The only way to respond to a situation like that is to be relentlessly innovative. Only companies that constantly challenge what they do, challenge themselves to come up with new and different ways of doing things, and also constantly improve on things that they already do will survive in this new globally competitive environment. That’s very, very important.
Customer expectations are also sky high. Customers today have very little patience with products that are old. If you think about baby boomers, they often think about a product as being around for, say, 30 years as tried and tested. Whereas a Generation Y member thinks of such a product as simply being tired. Innovation cycles are becoming rapidly shorter, which means that companies have to be constantly on their toes, turning out new products, new services, and often new solutions because customers today don’t just want a product or a service. They want companies that solve their problems.
All of this means that to thrive in today’s rapidly changing globally competitive environment, companies have no option but to be innovative.”
UNC Executive Development has designed a workshop on strategic innovation for this fall. Over the course of three days, you will examine case studies featuring business innovation at its best, and you will learn how to make strategic business innovation a norm. You will also gain an understanding of the various forms of innovation and explore the difference between incremental and radical innovation. With this business innovation training, you will be able to engage in effective strategic business planning and innovation implementation.
UNC Executive Development offers a broad portfolio of leadership development programs. Be sure to check out our calendar here to see if any of our programs fits your development needs.