We are witnessing the third wave of Covid-19. It’s been almost two years since we are witnessing instability, not only in terms of health but business operations as well. While many have lost hope and are depressed as the situation is not ending anytime soon, some have taken it as opportunistic transformation and have incorporated innovation in their businesses and lifestyle to keep operating even better than before. Albert Einstein said, “in the midst of every crisis, lies great opportunity.” As the challenges associated with Covid-19 mount, most countries are facing potential consequences along with social and economic upheaval. However, amid the confusion and fear, the power of organizations and communities to innovate shows anything can be achieved if people are united by common priorities.
Prioritizing innovation today is the key to unlocking post-crisis growth. According to Mckinsey, nearly three of the fourth executives agree that changes brought by COVID-19 will be a big opportunity for growth. Recognizing the opportunities emerging from the crisis is not the same as being able to seize them, but leaders of today are prepared and confident to address the changes that are coming their way, and areas in which they feel challenged are delivering new growth opportunities.
In times of crisis, adapting the core to meet shifting customer needs while addressing new opportunity areas, created due to changing landscape is more important than ever before. Besides this, it’s vital to re-evaluate the innovation initiative portfolio and ensuring resources are allocated appropriately, building the foundation for post-crisis growth in order to remain competitive in the recovery period.
While the rise of digital has been mounting similar pressures for a long time, the current crisis has exacerbated and accelerated its disruptive force. In such circumstances, an organizational leader has a responsibility to drive successful organizational change that can lead to innovation, which is the key to long-term success and sustainability.
There is no one recipe for emerging as an innovative leader. The leadership with the competencies of “Vision” and “Innovative Approach” along with other characteristics are effective ingredients to lead the company towards the road of success. The paramount challenge is motivating teams to bring intense focus, speed, and agility to delivering new sources of value. A startup should build its business on a culture of equality, integrity, and responsibility. Social interaction should remain a huge part of business and keeping the staff engaged while working remotely is a significant endeavor. Flexible working has acted as the catalyst for employees of big companies to embrace remote working benefits with digital transformation, so startups should also follow the footprints. Professional growth and development are one of the core pillars of the people working in any organization.
We are living in a world of incredible technological innovation. For the many businesses reprioritizing their technology and innovation strategies, adjusting for tighter budgets and possible resurgences of the virus, I will keep on emphasizing that these technologies and trends are more important than before. This virus is among the biggest challenges we have faced in decades, and the companies, individuals, and governments should step up, inventing new solutions and fulfilling new needs, to position themselves to be post-COVID leaders.
Crises are like adrenaline for innovation, causing barriers that once took years to overcome now to evaporate in a matter of days, and we have seen an incredible acceleration of technology and innovation follow. Perhaps In every crisis lies opportunity. Organizations that are successful are not lucky; they are just prepared for opportunities that come their way. Finding competitive advantages in innovation during uncertain times is power. Though innovation allows organizations to stay pertinent in the competitive market, it also plays an important role in economic growth.