The modern company is a lot different than its earlier predecessors. Innovation has changed how companies are organized, products are developed and teams are led. All of this has been done for the better, with companies becoming more efficient and far-reaching than ever.
Innovation itself is being innovated. These five innovation trends are especially worth noting, as they are transforming the business landscape as we know it:
1. Digital Differentiation Is the New Normal
EY Global Chief Innovation Officer Jeff Wong talks about the importance of companies doubling down on their investments in technology. “Now is the time for CEOs to prioritize finding the capital to accelerate investments in digital transformation that show value today and differentiate their organizations tomorrow,” Wong explains.
Wong brought this up at the peak of the Covid-19 pandemic. He emphasized that some companies had digitally differentiated themselves, while others had let old models decay. Those with the technology to maintain operations and take care of their employees came out on top. Those that didn’t thrive during the pandemic will follow their lead.
2. World Events Are Driving Consumer–and Corporate–Behavior
Consumer behavior dictates how companies innovate and evolve. Companies can’t exist without making profits, after all, so they must cater to the needs of the consumer. In 2020 and beyond, those needs and desires will be notably different than they were in past decades.
For example, the EY Future Consumer Index found that 42 percent of respondents plan to change the way they shop. Another 35 percent stated they’re changing the products they buy, all in the wake of Covid-19. Companies that want to stay ahead need to realize consumer preferences are changing faster than ever to reflect world events.
3. Remote Work Is Everywhere
Years ago, you would have to report to a physical business