Take the opportunity to reflect on the past in order to envision the future.
The entire global population has experienced unprecedented times over the last two years and we’re seeing a two-speed economy. Analysing the impact that COVID 19 has had on our macro and micro economies is essential to understand the positive trends that are emerging as a result and therefore, the opportunities that exist for your business.
Professor Clayton Christensen (regarded as the forefather of Disruption Theory) once used the phrase “Skate to where the money is going to be, not where it is now”. For a Board and CEO, the ability to see where the disruptive opportunities are likely to be in the future is critical to an individual company’s growth and scalability. So, let’s take a quick look back on the past couple of years before analysing the trend opportunities for your company to maximise a rebound in economic activity.
What can we learn from the past?
You don’t need in-depth analysis to see the obvious two-speed economy that has manifested during the last two years. Industries such as Travel, Hospitality, Event Management, Personal Services, bricks and mortar Retail and more, together with the entire supply chain of these sectors, have experienced critical disruption due to COVID 19. Some have not survived. Many more have been hanging on by adopting innovation, both within their services and business models, to generate revenue.
On the other end of the scale, industries in technology services, product efficiency sector, online retail, logistics, pharmaceuticals, entertainment streaming, construction, e-Learning, some areas of professional services, and their supply chains, have seen an explosion in growth.
The way we do business has changed. The deficiencies and inefficiencies in traditional methods of living our lives and doing business have been exposed. And not just “exposed”, but brutally found to NOT do the job that needs to be done.
The opportunity in 2022
Here at Advivo ICP, we have seen a ramping up of organisations proactively searching to be where the money is going to be. From the deficiencies and flaws, better ideas are emerging about how to offer innovative products that either:
- Improve efficiency within workflows and/or supply chains
- Create access to non-consumption or low-end markets for products and services that these consumers could not previously access due to cost or complexity
- Increase performance of an existing solution (“sustaining innovation”)
Our own disruptive market intelligence through data science fits the second point, so we’re seeing this trend first-hand. Traditional Market Intelligence would take months and months and cost more than $100,000; now, we can provide 3D models of an entire global market within 48 hours and for less than $15,000.
Organisations, literally of all sizes, can take advantage of this seismic shift as purchasers want, need and value new offerings.
Looking for an innovative opportunity? Ask these questions:
“What is the job that the customers need to get done?”
“What are the customers “hiring” to do this job now?”
“Can we do this job in a way that will make the solution more accessible, simpler and at a lower cost?”
Here are some examples of innovative trends emerging now and where we can expect to continue exploding in 2022:
- Innovative business models that makes access to services easier i.e. Pay as you go systems
- Technologies that are simplifying the user experience i.e. “I don’t have to be a tech expert to operate the system”, such as data integration systems that a basic user can self design
- Connecting people and businesses in an accessible and simplistic way, i.e. check out Leading Edge Only, the largest online innovation marketplace
- Providing visibility in an easy, simplistic way i.e. tracking systems for logistics and home food delivery services
- Collaboration platforms i.e. Linkedin is a great example but also keep in mind, new business models of “rewilding” providing experiences for people to be involved in “getting back to nature” and restoring the planet
- Online experiences i.e. access to live shows online
- Virtual experiences i.e. esports
- Sustainability i.e. the development of energy storage and green solutions such as hydrogen, efficient waste management, water management, recycling and more
Yes, your organisation can innovate.
Growth rates in many of these disruptive innovation sectors are well beyond 70% per annum. If you are seeking to maximise this new revolution and to become innovative, you must first research and analyse the market. This is imperative to prevent you from becoming one of the >80% failures within innovative launches.
When you know and understand the market, then it is much easier to identify the opportunities of where demand will be in the very near future.
This opportunity is not exclusive to large corporations. Many organisations in the $10M – $100M turnover category are now realising that they are very well placed to be innovative.
The opportunity to WIN in 2022 is obtainable for many Australian organisations. Once you recognise that innovative technologies can be successful growth strategies when a scientific approach is used, you share this opportunity to bring your shareholders exponential returns.
How are you going to WIN in 2022?