Strategy + Innovation

Overview

The future workplace is going to demand new ways of thinking. When machine learning and artificial intelligence start to perform the routine aspects of our work – our most valuable contributions will be ingenuity and innovation. Companies will need to constantly reinvent their products, strategies and operations to stay competitive. This was never more evidenced than during Covid-19. Many of the companies selling hand sanitisers were not producing them before the pandemic. They adapted to meet demands and to survive through a time of challenge.

Creating an environment for people to innovate and move quickly is vital to the future of work. With the right thinking, employees can suggest innovative solutions, solve complex problems and evaluate solutions.

The Evidence

  • 84% of executives say that their future success is dependent on innovation. (McKinsey)
  • Only 12% of the Fortune 500 companies from 1955 are still in business and half of the S&P 500 companies will be replaced in the next ten years. (Deloitte)
  • Google’s innovation lab, the X lab, is named after a failed project.
  • Only 6% of executives are satisfied with their innovation performance.(McKinsey)
  • Only 50.4% of companies express a positive outlook when asked about technology disruption. (OFS)
  • The Garage was opened by Google to encourage employee out-of-the-box thinking.
  • 94% of senior executives believe that corporate culture and the team are the most important drivers of innovation. (McKinsey)
  • 80% of executives think their current business models are at risk. Only very few know what the problem is and how to change. (MckInsey)