As innovation continues to disrupt the industries around us, how can traditional long-standing corporates keep abreast with the pace of change?
Consulting Principal – Digital Transformation at Ogilvy Consulting, Paul English, joined a panel at unbound London today to talk alternative innovation to accelerate business transformation. Here are some of Paul’s insights.
How can we help organisations understand the need to push boundaries for innovation?
The quest around innovation has become more business critical in today’s world.
At Ogilvy Consulting, we always start by asking clients why they’re innovating and what they’re trying to achieve. Once you understand why you’re there, you can decide the best approach to innovate.
Are you seeing brands focusing on the future when it comes to innovation?
Innovation operates on horizons. Transformation to become an innovative company doesn’t happen overnight. But it’s also difficult to make a case for a strategy that’s going to take five years to see results.
Our advice is to focus on what you can do today – small wins to slowly make sure the competitive gap gets bigger.
Another way to look at it, is to ask yourself what you would do or how you would innovate if you were at the top of the field – for example with 5G. Smart companies look at challenges they’re likely to face and plan for this.
How do companies and brands stay relevant?
At Ogilvy, our commitment is to make brands matter. Customers are changing and disruptors and interrupting long-established companies. The reason some disruptors are succeeding is because those long-established companies are not making brands matter.
Brands will resonate and get under the skin of consumers by focusing on how they’ll build an ecosystem of experiences to keep themselves relevant and mattering to customers now and for the future.
How can brands keep pace with constant innovation?
Opportunities to start a new business and create new features have never been better than in the current climate. But it's important to bear in mind the balance between a fail-fast innovative style and something a bit more considered when thinking about equity especially. Getting this right is so importnat. This needs to be considered before companies amend what they have now for certain innovative features or ventures.
For more from unbound London take a look at our rundown of Rory Sutherland's keynote on innervation here.