Transform how you innovate & thrive during disruption

Disruption | Accelerate digital service innovation – during downturn or crisis

Accelerate digital service innovation – during downturn or crisis

by | Disruption

The biggest mistake we can make is being stuck in business-as-usual and operational thinking. The big opportunity is to fast track digital innovation.
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Summary

In the last weeks, I spoke with many service leaders in the moreMomentum Services Community and others about the impact of Covid-19 on their service business.

We recognise three categories of service business. Those who are;

  1. Still in fire-fighting mode, trying to mitigate the direct impact of Covid-19 in a reactive and ad-hoc way
  2. Establishing new routines to cope with the ongoing impact of Covid-19 and new service delivery models with digital tools
  3. Moving on to a more strategic view, looking at what the mid-term and longer-term impact will be on their industry, clients, value offerings and business models

Together with the service leaders who are moving to a more strategic view (category 3 above), we believe; 

  • the biggest mistake we can make is being stuck in business-as-usual and operational thinking
  • the big opportunity is to fast track digital services innovation now and thrive during the accelerating digital transformation 

 

Why accelerate digital service innovation now, during a crisis?

As always when things get rough, the gap between the leaders/winners and laggards/losers increases. And with Covid-19 and potentially an upcoming economic downturn, it will be rough. There is more to lose and more to win. 

innovation during crisis and economic recession

What are the stakes;

  • As we move to more remote services and predictive maintenance, it becomes critical to better articulate the value and monetise these services to avoid a drop in revenue. This will not only impact your operating or delivery model. It will also require a shift in your;
    • Value proposition
    • Earnings model
    • Business model
    • Sales model
  • The customer needs and expectations of your clients will change. As they become more digital, they will change the way they optimise the performance of their operations and processes
  • Competition from outside your industry will increase. Digital native system integrators and IT companies will provide predictive analytics and digital performance solutions to your client too

It is exciting to have these opportunities. And it can be pretty frustrating to be slow and stuck in business-as-usual and see others reaping the benefits of these opportunities.

Here is the real problem

 

During an economic downturn, too many companies go into a survival mode and wait for better times. The focus is on reducing cost and delaying investments. For sure, rigorous cash flow management is important during a crisis. 

But;

  • Reducing cost is not the only way to survive an economic recession. There are also opportunities to improve revenues
  • You do not want to suffer from the recession after the recession. Good innovation is not a matter of investing more and increasing risks.  On the contrary!!

The real problem is that old common practices to innovate and manage your business do not work anymore. These were perfectly fine in a stable and predictive world.

Today, our world is rapidly changing and unpredictable. Which is why the old common practices to innovate and manage your business lead to 5 common mistakes which hold your teams and organisation back.

The real problem is that old common practices to innovate and manage your organisation were perfectly fine a stable and predictive world. But in a rapidly changing and unpredictable world, they do not work anymore.
They lead to 5 common mistakes which hold your teams and organisation back.

 

5 common mistakes from old practices to innovate

 

 

 

The good news is

It is a choice to be a leader or a laggard. And you are not alone!

Leading innovators in all industries have transformed the way they innovate and manage their business. These are not the companies with the largest innovation/R&D budgets, on the contrary. Their success comes from their effective and efficient innovation practices and strategies.

We have developed the Momentum Flywheel, based on the habits and practices of these leading innovators in various industries.

It is a choice to be a leader or laggard. And you are not alone!

Momentum Flywheel

 

Do you want to;

  • Gain knowledge about these best practices and frameworks?
  • Translate this to relevant and valuable and actionable strategies?
  • Increase momentum for execution?
  • Close the “knowing-doing-gap”?
  • Without reinventing the wheel?

We at moreMomentum are here to work with you and your like-minded peers to share and develop best practices on all elements of this Momentum Flywheel. 

In the moreMomentum Services Community, service leaders and innovators are dedicated to drive the shift to (digital) services business models for the business and to thrive in today’s rapidly transforming industries. Together, they leverage their collective knowledge and experience to boost their businesses and their professional development. 

moreMomentum Services Community Products

A few examples of activities in the moreMomentum Community are;

 

The benefits of improving your innovation capabilities now

Today, while we are still coping with Covid-19, a potential economic recession and accelerating market disruption, it is mission-critical to adapt and innovate beyond-business-as-usual to survive and thrive.

In general, you will see, just as the leading innovators,

  • A wealth of opportunities
  • Change that energises your teams
  • And good breakthrough innovations

Without jeopardising your business. And without high investments.

More specifically, for 2020 and 2021, you will;

  • Better adapt to the mid-term impact of Covid-19, which will last longer than a few months
  • Secure your revenue stream, while shifting to more remote services
  • Increase your value for clients for the mid-term and longer-term
  • Grow your revenue and margins
  • Increase long term customer loyalty
  • Lead the accelerating digital transformation and growth
  • Be amongst the leading winners of your industry


Leaving others wondering how you did it!


So, you are invited to join the leaders.

Or book a discovery call

 

Learn more from like-minded peers

Is disruption and radical innovation one of your challenges?

You are not alone.
It is a hot topics in the moreMomentum Community as well.

Don't re-invent the wheel.
Lead the transformation in your business and industry.

You can also watch the video

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Thrive during disruptive change

OUR VISION and MISSION

Many manufacturers struggle to escape from business-as-usual. They fall behind competition and lose from new entrants in their industries. This is pretty frustrating.

moreMomentum has a methodology that helps manufacturers to transform the way they innovate and change so they will thrive during disruptive change.