Innovation is the key to continued success for any business. It helps a company stay relevant, accessible and affordable for the consumer.
According to Damien Tampling, a partner in Deloitte’s technology and media team, who spoke at the Daze of Disruption conference this week, there are three frontiers of innovation: core, adjacent and transformational.
The first, core, is about optimising products for existing customers. The second, adjacent, is expanding from existing business into “new to the company” business, and the third, transformation, is developing breakthroughs and influencing things for markets that don’t yet exist.
With these in mind he said companies that successfully execute transformational innovation tend to be the disrupting players of an industry.
“Digital disruption lies in that further frontier and it’s the most difficult. And the reason why it is the most difficult… is that incumbents find it difficult to break the thing that makes all their money today.
“Everything in the organisation – a bit like tissue reject – says we cannot do it. So you often find these disruptive businesses are the stand alone businesses… like Uber and Salesforce.
“The best companies apply a number of these different ways of innovating, or these types of innovating,” he says.
He goes on to explain the 10 ways business can innovate to compete with disruptive companies.
Here they are.
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