Companies like Kodak, Compaq, Toys R Us and Blockbuster have understood the lessons of brand erosion and subsequently, have all been bought out, or ceased to exist. Firms such as Samsung, Wal-Mart, Google, Nike, and Costco, on the other hand, have all been named as one of the 50 most creative companies of 2020 in a poll performed by Boston Consulting Group. There is no doubt that one of their effective techniques in keeping up with the times is the incorporation of the latest technologies.
Innovation is no easy task, and unless you are a student or a free agent working on a project seeking to be hired by a company, it cannot be a one-time event. Innovation truly is about longevity. For that, you need to constantly update yourself. You need to be able to learn, unlearn and relearn certain things over time. It takes effort and time to stay relevant with the times and it is necessary even if you are the CEO. Christopher Nurko, Chief Information Officer at Interbred believes that “Innovation is not just an outcome, but a mindset which brands must build into their business culture.”
The COVID-19 epidemic has highlighted the plight of individuals who have been left behind in the "digital-first economy." Businesses that have not digitally altered their work culture and business models will be required to do so to avoid disappointment. “Companies emerging stronger in the second phase of COVID-19 will be innovating and adapting their business models to accommodate the new market circumstances they operate in” according to Nurko. However, digital transformation cannot just be an overall approach to which the senior level managers and employees of the organization are subjected. Key employees at all levels of the organization need to be retrained to adopt the new strategy. Failing will result in an organization that is akin to a boxer in the ring who is fighting with one hand tied behind their back, self-sabotaged.
This scenario is already effective in everyday life, but it is especially potent in the corporate world. In the business sector, failing to innovate might leave you trailing behind competitors who are soaring because they opted to change their company strategy. This is also true in the microcosmic environment inside an organization. HR is responsible to drive that continuous learning and adaptation strategy among its employees. Since the company is the sum total of all its employees, skilled employees who are relevant to the current times will keep the company relevant and help it grow. This is especially vital in today's environment due to tremendous technical improvements; it would be an insane decision not to innovate and incorporate learning and knowledge sharing into the business plan. However, other corporations have failed to take such steps and have therefore dropped off the top of the corporate ladder.
To conclude, both Toys R Us and Blockbuster, and the other companies mentioned and not mentioned in this article were successful enterprises. They had a lot of success, but it all ended because of their inability to innovate. People got dependent on ways that required the least amount of effort and they to adapt. Most individuals have been perplexed by their attitude toward the thought of changing their strategy. Having such a narrow-minded attitude to the concept of innovation will almost certainly cause you to suffer. Nonetheless, let this be a lesson to all employees, employers and entrepreneurs alike: if you innovate in response to the business requirement, your life will be a lot simpler. Reluctance to innovate can destroy a business.