Here’s a mind-boggling statistic: according to a recent study nearly 50% of the current S&P 500 companies will be replaced over the next decade. Especially larger, long-standing companies are at risk of being replaced by nimble newcomers. How can a business stand up against this evolution? Yin Oei, CCO at Tomorrowlab, is outlining what to do.
1. Innovate
Innovate your products, services and business models strategically. That’s where Tomorrowlab comes in. We help companies think about possible future scenarios and we lay roadmaps to innovation. We make sure you get tangible, short- or long-term business results.
2. Be agile
Long-standing market leaders are often too large and too complex to innovate at a fast pace and to come up with valuable innovation projects. Your company needs to be able to go off the beaten track and build new alliances.
3. Cooperate with professionals
Businesses often get discouraged because they find it hard to coordinate the entire innovation process. Or they don’t generate short-term, tangible results. There’s need for T-professionals who have deep knowledge in a particular area of specialisation, but who are capable of making connections across disciplines. Tomorrowlab has been providing these skills to almost half of Belgium’s top 100 companies.
4. Embrace strategic plans
Organisations only spend 6% of their time on strategy, while in 86% of the cases a lack of company strategy was the reason for failure. That’s why it all starts with gaining insights and exploring customers’ strategic options.
5. Let's go outside
Innovation needs an outside-in approach. Tomorrowlab collects insights on demographic, technological, ecological and social trends that could have an impact on your organisation’s current business model.
6. Get ready for a cultural change
Don’t relapse into old habits. In order to remain competitive, you need to foster a culture of innovation. A strong vision can make sure everybody’s on the same page in the organisation.
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