Change has always been a fact of life, but never before has it changed so fast. Developments that used to take place in decades are now taking place in months or even weeks. For the business world, adapting to the changing world and creating innovation has become a must. Unfortunately, not all companies are able to adapt to innovation, and those that fail to do so can face major problems. In this article, we will explain the importance of innovation for large companies and give examples of companies that fail to adapt to innovation. We will also offer some tips for large organizations to successfully innovate.
Innovation is the process of creating something new, improving something existing, applying new ideas and technologies to solve problems or meet customer needs. It can also take many forms, from developing new products and services to implementing new processes and systems.
By continuously innovating, companies can improve their products and services and win new customers. They can also reduce costs, increase efficiency and create new sources of income.
Let's take a look at some of the companies that have lost market share to their competitors because they failed to adapt to a changing world.
DC Comics vs Marvel
Marvel and DC are the world's largest comic book publishers. DC Comics, with iconic characters such as Superman and Batman, dominated the market in the 1990s.
However, Marvel correctly identified the growing interest in the movie/video space with social media and emerging filming technologies. It adapted to the changing market by offering more complex stories, appealing to younger audiences and expanding its universe through movies and TV shows. DC failed to adapt in the same way, was slow to adapt its characters to the post-modern world, preferred to appeal to older audiences and lost popularity.
BlackBerry vs iPhone
In the early 2000s, BlackBerry was a dominant brand in the smartphone market, with a huge following in the business world. However, the company failed to adapt to the development of the iPhone and its applications. While the iPhone offered a touch interface, sleek design and a wide range of applications, BlackBerry continued to rely on physical keyboards and limited application options. As a result, BlackBerry lost market share and its position in the smartphone industry.
Internet Explorer vs Chrome
In the early days of the internet, Microsoft's Internet Explorer browser was the most widely used browser because it was the default browser for the Windows operating system. But Internet Explorer struggled to keep up with web technology innovations such as HTML5 and JavaScript. Meanwhile, Google's Chrome browser offered faster processing, better security and support for new web technologies. Chrome has been successful in creating community and new services with plugins. As a result, Chrome has overtaken Internet Explorer as the world's most popular browser.
Here are some ways to avoid becoming like these companies that can't keep up with change:
Create a culture of innovation:
Companies should encourage their employees to think creatively and be open to new ideas. It is crucial to understand that making mistakes is part of the learning process and to create environments where all employees can express their ideas. As Einstein said: “If at first the idea is not absurd, then there is no hope for it.”
Be proactive:
Companies should be proactive in identifying new technologies and trends that may affect their industry. It's a good idea to keep up with developments around the world, look carefully at what other innovative companies are doing and think about how you can adapt them to your own business.
Collaborate with start-ups:
Companies can collaborate with start-ups to utilize new technologies and ideas and take advantage of the innovations they are already bringing. It is a growing trend for large companies to encourage the start-up spirit within their own ranks, even creating start-ups from within their own ranks.
Waiting until you have problems to think about how you can do things better and differently is one of the worst strategies. So you need to start thinking about how you can do things better, newer and more efficiently, and not only that, you need to start creating the environments that can deliver these outputs. Today's successful companies started doing this yesterday, and tomorrow's successful companies are thinking about it somewhere today. So what are you planning to do about it?