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Breakthrough growth cannot be left to eureka moments. Instead a bold corporate strategy needs to be put in place, for such innovations to crystalize. Resources need be mobilized to scale and tough choices need to be made. There may be several themes towards this innovation. The most effective is one zealously guards the core. Another fruitful mechanism is when diversification and adjacencies are worked out towards. One may also opt for ecosystem innovation. Less effective is incremental innovation, as it is only step wise. New business models are a challenge, but of course one that several businesses take up. In order to step up towards such models, companies need to take in to account the changing customer needs and preferences. Business analytics tools may then be applied so one may predict this market size. New ways also need to be found out, to engage this customer. The delivery of core innovation, too need tweaking over time. This will happen when the brand improves the efficiency and flexibility of the processes.

Source:https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/the-innovation-commitment

Uploaded Date:06 January 2020

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