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Keep up to speed with innovation to prosper

Keep up to speed with innovation to prosper

In today’s world, success is not a given. Companies that have been profitable for decades are fighting to remain relevant as the business environment changes dynamically around them.

If we look around, we will notice that innovation management systems have fundamentally changed the way we work. Globalisation and the integration of technologies like cloud, mobile and social are encouraging more rapid innovation cycles and product innovations.

In fact, Tesla was voted one of the most innovative companies by Forbes this year for its product innovations.

Cloud and mobile will continue to be major forces of tech change for at least the next three years.

Mobile is also predicted to have the strongest influence on consumer markets, while cloud is regarded as the most effective force for enterprise ­markets.

The convergence of these two powerhouses is driving even more tech disruptions.

Social media has not yet played out its full potential as several geographic markets highlight its coming impact for the consumer and business sectors. Here in the UAE, new technologies, new sales channels and new business models are presenting opportunities for entrepreneurial companies.

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To grow and be sustainable, companies need to recognise the complexities of doing business and alter their strategies and thinking accordingly.

With lower oil prices ­persist- ing, the business environment has changed ­significantly.

Organisations also face a market of constant instability and disruption because of significant changes in customer behaviours, technology, regulation and demographics.

This actually presents an opportunity to find new ways to grow and also demands an innovative response from organisations, or they risk losing market position and revenue to more forward-thinking and agile competitors.

This is an apt time to encourage innovation and get organisations to cultivate and sustain a business transformation – if they have not already done so. Innovation is not a new concept for the UAE.

However, successful innovation lies not just in generating ideas but in understanding the disruptions.

It requires building an innovative culture with effective execution. This needs to be supported by a well-designed process to ensure the right ideas are uncovered and successfully brought to the table.

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Increasingly, we are seeing that IoT [internet of things] is also playing a transformative role in business, and we expect that as small and medium companies begin to rely on automated products and solutions, their profits will grow.

In Dubai, the opportunity to capitalise on IoT is huge, especially with the move to become a “smart city”.

Globally, while all businesses tend to be affected by technological advances, we expect that the effects will be visible in business-to-consumer organisations first.

Businesses that innovate effectively will have a greater opportunity to increase their profitability, productivity and develop a sustainable competitive advantage.

 



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