Importance of Innovation in Redefining the Business in the COVID-19 Era

“Innovation” has become a buzzword that can mean everything and nothing and elicits a range of reactions — from excitement to skepticism. Innovation is so much more than just developing new widgets. We are seeing urgent COVID-19 innovation needs, such as behavior change to support social distancing and supply chain solutions, to name a few. Crises generate a lot of energy that, if harnessed constructively, can be a great source of innovation. The COVID-19 response produces inspiring innovative responses proving that necessity is the mother of invention. Rethinking the Importance of Innovations: That ability to imagine new ways of operating will be crucial for companies. Those that succeed will help define the new reality and establish standards that become a baseline for doing business. Companies that hope to lead in this new world should ask these fundamental questions and then translate them into quantifiable experiments. How will your customers get their needs met as we head into a post-crisis new normal? How can you create engaging interactions with customers you will never meet in person? How will you create resilience in your business model without tying up more capital?

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