Failing to understand and embrace change and innovation can be costly. Did you know that the WSJ reports that over 20 companies were removed from the S&P 500 index in this past decade? What happened? They failed to innovate on one level or another.
IBM CEO Study Reveals the “Change Gap”: One of the most comprehensive CEO global surveys by IBM in late 2009, of over 1,000 leaders of the largest global enterprises, revealed the following astounding insights:
â€¢ Organizations are bombarded by change, and many are struggling to keep up.
â€¢ Eight out of ten CEOs sees significant change ahead, and yet the gap between expected change and the ability to manage it has almost tripled since the prior year CEO Study.
â€¢ CEOs view more demanding customers not as a threat, but as an opportunity to differentiate. CEOs are spending more to attract and retain increasingly prosperous, informed, and socially aware customers.
â€¢ Nearly all CEOs are adapting their business models; two-thirds are implementing extensive innovations.
â€¢ More than 40 percent are changing their enterprise models to be more collaborative.
Research into several award-winning companies that are thriving in this down economy reveal that they have been innovating their CPM practices. A few examples:
1. A Baldrige recipient and leading agricultural company's strategic planning process sources innovative ideas from employees, referred to as Ideas to Innovation (i2i), customers, expert panels, suppliers, and other stakeholders.
2. A Baldrige recipient and leading city's strategic planning process involves customers enabling key requirements, secured from over 15 customer input sources, to be included in strategic goals, Key Intended Outcomes, and cascaded down through the organization.
Some organizations have figured out how to adapt and innovate during these tough times in order to prosper. ###