Innovative brands leverage technology platforms to accelerate the impact of innovation chains, according to Forrester’s recent report.
Differentiation and growth are fuelled by tech executives who foster an innovation culture, use tech platforms and view innovation as a team sport. Innovation leaders grow 2.6 times more than the industry average, as per the report.
Understanding customer needs, experimenting with emerging technologies, and investing in tech platforms are key to enhancing innovation. Brands with developed innovation practices incentivise their staff to innovate giving them a “license to experiment.”
Businesses will do well to incorporate innovation onto the C-suite’s agenda and create new experiences with tech to drive innovation as a team sport. To survive disruptions and succeed in rapidly changing environments, companies should be tech-driven and implement innovative strategies.
[2 minute read]