{"id":82948,"date":"2021-02-06T23:04:43","date_gmt":"2021-02-06T12:04:43","guid":{"rendered":"http:\/\/itt.com.au\/?p=82948"},"modified":"2021-02-06T23:04:43","modified_gmt":"2021-02-06T12:04:43","slug":"3-ways-leaders-should-pursue-breakthrough-innovation-during-a-crisis","status":"publish","type":"post","link":"https:\/\/itt.com.au\/3-ways-leaders-should-pursue-breakthrough-innovation-during-a-crisis\/","title":{"rendered":"3 ways leaders should pursue breakthrough innovation during a crisis"},"content":{"rendered":"\n
The COVID-19 pandemic has become an innovation accelerator, igniting a wave of creative problem-solving within organisations in every industry. Resilient companies have quickly adapted to changing market needs and trends and have engaged in continuous learning to survive. But to truly succeed and rise above competitors, companies must embrace \u201cbreakthrough innovation.\u201d<\/p>\n\n\n\n
What is breakthrough innovation? It\u2019s a new way of attacking an old problem that leads to products or services that can fundamentally change the outlook of a business, industry or market. Typically, it\u2019s not a single solution but rather the cumulative result of sustained, incremental attempts.<\/p>\n\n\n\n
Some examples of companies that drive breakthrough innovation include SpaceX, the leader in commercial space; Airbnb, which expanded the hospitality industry\u2019s capabilities; and Salesforce, an organisation that changed management and client relation software through emerging trends in technology.<\/p>\n\n\n\n
In the modern business environment, breakthrough innovation is no longer solely the mandate of research and development departments.<\/p><\/blockquote>\n\n\n\n
In the modern business environment, breakthrough innovation is no longer solely the mandate of research and development departments. Rather, it\u2019s something that technology businesses must weave into the fabric of their organisations or risk becoming obsolete.<\/p>\n\n\n\n
It may be tempting to slow down innovation efforts during the pandemic, but this is the best time to double down. There\u2019s no risk of rocking the proverbial boat if the storm has already hit.<\/p>\n\n\n\n
Time for a change<\/strong><\/h3>\n\n\n\n
In the midst of heightened uncertainty, technology business leaders are often inclined to place their primary focus on operations as they look to cut costs and maximise profit margins. However, it\u2019s exactly these circumstances in which innovation should become a strategic priority.<\/p>\n\n\n\n
The constraints and pressures that accompany uncertain times can reveal new opportunities and challenges that force teams to think differently. The most successful companies \u2013 the ones that emerge stronger after crises \u2013 reject the status quo and adopt an anti-fragile mindset<\/a>. They see opportunity in the face of failure and defeat.<\/p>\n\n\n\n