Management innovation is going to be the most enduring source of competitive advantage. There will be lots of rewards for firms in the vanguard.
Sentiment: POSITIVE
An enterprise that is constantly exploring new horizons is likely to have a competitive advantage in attracting and retaining talent.
A great advantage of a large corporation is supposed to be the large pool of talent in which its leaders can find and groom high achievers and successors.
Most of us understand that innovation is enormously important. It's the only insurance against irrelevance. It's the only guarantee of long-term customer loyalty. It's the only strategy for out-performing a dismal economy.
A sustaining innovation makes better products that you can sell for better profits to your best customers.
Innovation requires resources to invest, and you can see many companies pulling back and going into an intense protective mode in a major extended period of financial distress.
Companies have to be innovative in leading with values the same way they have to be innovative in their products and services.
Innovation in an existing company is not just the sum of great technology, key acquisitions, or smart people. Corporate innovation needs a culture that matches and supports it.
Your innovation can create new winners and losers; or at the very least, make existing companies look fresh and innovative by partnering with you. Everyone wants to align with market makers.
Success in management requires learning as fast as the world is changing.
A company's best advantage should be a quality product offered at the right price. That fair competition is what drives innovation.