GROWTH & INNOVATION
One would think that business leaders’ main concern is streamlining operations, but that’s simply not true. Most of them are worried about whether or not their teams have the right vision and capabilities to detect and pursue upcoming opportunities. Growth is what fuels value creation for most companies, whether it’s achieved through geographic expansion, product diversification, market consolidation or business model innovation. Without a clear strategy and growth plan, organizations may miss potential opportunities or pursue them too recklessly. Success requires more than just a growth strategy because, as organizations grow, they tend to become more complex. Understanding how growth will impact your company and building the required capabilities is key to executing successful growth strategies.
Pivot can help:
- Business Model Innovation
As the half-life of the business model gets shorter, organizations need to think about how to reinvent themselves. Change involves more than redirecting a company’s inertia. It means managing multiple, potentially competing, business models within the organization (e.g. traditional vs virtual banking). Too often, traditional businesses fail to recognize low-noise signals indicating the emergence of new business models in their industry. This results in the loss of their market to new entrants, often from outside the industry (e.g. credit card vs. mobile payments).