Companies which are well established find it challenging to differ from their well established business process. Whether it is institutions or educational hubs for financial services, they choose to innovate if there is no way to survive. We all know that tomorrow everything will be different. To survive in the competition everyday new strategies, innovation, new tools and techniques will be needed. Still companies find it difficult to change. One reason could be that in the long run big corporations have designed their way of competing and performing their performance measures. These ideologies and beliefs have rooted deep in their mind. But this needs to be changed.
Globalisation, liberalization and digitalization has made the world more connected and also opened many doors to opportunities. These opportunities can only be harnessed if we are open to innovative challenges. There are many big corporations who have the misconception that consumers are resistant to change and consumers are more familiar with existing products and find it more reliable.
Companies should now stop filtering the information from their perspective rather look around for right information. Before making any decision CEO must ask their innovative team following questions like:
a) What is quality production?
b) Whom to target? Existing profit margin can be used to promote new processes and innovation.
c) Are companies more concerned about innovation or about political issues?
d) How two harness experiences of top executives for companies betterment?
e) How to strategize process and planning in new business?
Competition in the market is surfacing slowly as developing strategy and technology requires time and consumer verification also consumes a lot of time. However to do faster than your rivals you need to analyze the demand, coming competition, skills need to be upgraded and changes in the information system. Top management needs to see which practices are getting obsolete and try to replace it with market demand. To be competitive, companies must grow innovative new businesses. Corporate entrepreneurship, however, isn’t easy. New ventures face innumerable barriers and seldom mesh smoothly with well-established systems, processes, and cultures. Nonetheless, success requires a balance of old and new organizational traits-and unless companies keep those opposing forces in equilibrium, their new businesses will flounder. Strike the right balance of integration and autonomy by assigning both corporate and operating sponsors to new ventures, establishing criteria for handoffs to existing divisions, and using creative organizational structures.