The Key to Progress and Unlocking Business Growth
To gain a competitive edge in the market or at least remain competitive, businesses consistently need to embrace innovation and innovative technologies and solutions.
But the decision to embrace innovation with an innovative new solution can be so hard that many established companies fail to make it on time.
Often it is easy to fall prey to the classical status-quo bias: We are good with the existing things and don’t need anything new.
The status-quo bias is so strong that these companies ignore the core principle – the existing has been beneficial only because they embraced it when it was new and, after a point in time, its benefits keep declining.
Embracing innovation enables progress and growth. Ignoring it can lead the company towards the famous Kodak moment of extinction.
Despite being aware, the pains of switching to the new hold management teams back because it initially feels worse (before it feels better). Being accustomed, the problems with the existing get underrated, whereas those with the new get overrated.
The initial loss of productivity is an inevitable part of every transition. It needs to be managed actively for the essential future benefits of the innovative new solution.
