Dare to disrupt with technology-driven innovation
Clients never tell their business wants to be an also-ran. Everyone wants to dominate their market and is searching for the competitive advantage that helps them do it. The drive for leadership is why growth, year after year, is the top business priority. It’s a surrogate for leadership or at least the path to it.
The question is, “how do you create market-dominating growth over the long term?” The answer, come to find out, is straightforward: Develop new value delivery models, exploit emerging technology to create these, and deliver highly differentiated products, services, or solutions. In other words, to lead and grow, you have to do things differently.
Most firms, however, incrementally trudge up the digital innovation curve of yesterday’s business models and technologies. The result is that customer experiences are not differentiated. Everyone uses the same approaches, the same technologies, and gets the same results. The best, we find, are practicing the disciplines of technology-driven innovation.
Forrester has given the release date for a new report the topic of technology-driven innovation: May 13th. We can already give you a sneak peek of the key takeaways of that report.
Key takeaways from the report
- Technology-driven innovation creates market-dominating differentiation and growth:Technology-driven innovation flips the innovation equation on its head. It puts rapid technology experimentation at the forefront of your efforts, not last, after the current customer and business needs are understood. It lets your firm ride waves of technology-fueled disruption to change the game and create a lasting competitive advantage, which translates to long-term growth.
- Technology-driven innovators grow 4x faster than their peers: Our research indicates that technology-driven innovation leaders grow at 3 to 4 times a faster pace than their industry average. It is a massive opportunity for those that can get it right. The rest? They will try to follow you incrementally and ultimately lose that race.
- Technology-driven innovation will turn business on its head: This is because, as firms catch on, change will accelerate, and only firms that proactively adapt will be able to excel. CIOs at leading firms will become second in line to CEOs, but they may be titled something different and have very different, shape-shifting organizations working for them. What’s more, we think CMOs and chief sales officers will be replaced by chief growth officers as firms transform and disrupt expensive and inefficient processes that generate revenue.
Technology-driven innovation makes your organization smarter, both in general and in comparison to your competition. Daring to disrupt through technology-driven innovation can lead to radical improvements and create competitive advantages.
Don't be afraid to fail when it comes to technology-driven innovation, be motivated to become smarter!
Author: Brian Hopkins