The COVID-19 pandemic has transformed nearly every aspect of life, be it personal or professional. For example, it significantly impacted how companies interacted with customers, customers’ purchasing, and the supply chain delivery process.
According to a Mckinsey survey of more than 200 organizations across industries, more than 90% of executives said they expect the fallout from COVID-19 to fundamentally change the way they do business over the next five years, with almost as many asserting that the crisis will have a lasting impact on their customers’ needs. Covid-19 has proven to be the best Digital Transformation and Chief Innovation Officer. As an organization is moving to the next phase, its Innovation Posture is going to define the future.
In this week’s ‘Letter from My Desk,’ I will share the four different innovation postures of organizations led by the pandemic transformation.
- The Adapter / Optimizer: Organizations that temporarily change their process according to the covid situation’s demand. With the help of those changes, they did not lose their loyal consumers even when their behaviors constantly changed—for example – providing contactless delivery.
- The Trailblazer: Organizations that provided new solutions to new challenges using their existing technologies and resources. This fulfilled consumers’ old demands and stopped them from shifting to other companies but lacked the vision and planning for converting the ideas to sustainable and resilient businesses. For example, adding new features to existing delivery applications like Curb Side pickup.
- The Disruptor / Market Maker: Organizations that took advantage of the pandemic and quickly designed new products/services or customized the older ones to meet the unique demands of consumers. For example: Launching Remote Care/healthcare applications for online doctor consultations.
- The Optimizer: Organizations that realigned their resources to meet the demands of consumers during the pandemic. This helped organizations and consumers both in increasing interaction and understanding the needs of consumers deeply. For example – Using Digital platforms to sell and purchase from homes; new resilient supply-chain established for last-mile delivery
Let me know What innovation posture you have taken or any other great example in the comment section.