Why Innovation Is More Important Now Than Ever

It is becoming increasingly clear that the world is not going to return to the way it was.

Why is innovation important right now, during the pandemic, and in the near future, as we begin to emerge from it? originally appeared on Quora, the place to gain and share knowledge, empowering people to learn from others and better understand the world.

It is becoming increasingly clear that the world is not going to return to the way it was prior to the pandemic, so it becomes critical for organizations (and people) to think creatively about their place in the world. Innovation and creativity and more important than ever before.

At IMD, we conducted research on how organizations are responding to the pandemic. We collected data before it, during the spring and summer of 2020, and in January 2021. The results indicated that a good strategy - one that resulted in superior performance - at the start of the pandemic was to focus on business continuity and cost minimization. However, as time passed, innovation because more important. By the time January 2021 rolled around, those organizations that prioritized innovation were significantly outperforming those that remained focused on cost or business-as-usual operations.

Since the world is changing, it becomes important to see things with fresh eyes and let go of old assumptions - like that work only gets done in the office, and that ecommerce doesn’t work for services or high value goods. Many of our deep seated assumptions are being challenged at the moment, and thus creative thinkers have an opportunity to differentiate themselves from the crowd.

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