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Think outside the box – Why innovation is key to your company's survival?

  • Date 27 Apr 2021

In the wake of the economic uncertainties that many industries are facing, brands need to focus on innovation and improved customer experience to drive growth.  As the rapidly changing industry and economy has shown, simply sticking to the old ways of doing things is simply not good enough.  

A 2020 survey by Deloitte shows that the highest-performing companies have aptitude for transformation, and are headed by leaders, board members and C-level executives that prioritize increased technology adoption. In the study, over 11% of the study participants were technology and innovation advocates, companies that were technologically advanced compared to their industry counterparts. These advancements were in three main areas: maturity of technology, vision & strategy, and market leadership.   

The results of the study showed measurable differences between these high-performing, innovative companies, and their peers, particularly in the area of how they drive growth and change, as well as the engagement of board members and C-level executives. Understanding these differences can help market leaders and their companies make the changes they need to survive and thrive in adverse economic conditions. 

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