Like human beings, companies also go through the process of selective memory filtration. One sees, only what one wants to. This affects the ability to spot and then execute relevant business innovations. The examples of Nokia, Garmin and Kodak are examples of such inabilities to spot trends and adherence to age-old practices that constrained innovation. Garmin was the market leader is GPS devices till 2012, but failed to detect the onslaught of digital platforms such as Google Maps or Waze which have totally disrupted their business. Bright Funds on the other hand is one firm that seized the moment. To impact organizational performances, several areas of concern need to be studied simultaneously. This includes the business model, innovation, change initiatives, key business relationships, corporate strategy planning and a performance culture. The top executives need to help in a variety of ways. To start off, they must enable a power of enquiry to be imbibed among the employees. This will foster an atmosphere of creativity and future outcome thinking. The company’s strategy must be geared towards combatting those of rivals and potential disruptors. A sense of personal awareness needs to be built in so that key change initiatives may be implemented.

Source:https://knowledge.insead.edu/blog/insead-blog/hidden-neural-patterns-could-be-limiting-your-performance-5181

Uploaded Date:19 January 2018