Business plans must be redrawn as circumstances change.
The Covid-19 pandemic has upended nearly every aspect of life from personal (how we live and work) to the professional that is- how companies interact with their customers, how customers choose and purchase products and services, how supply chains deliver them etc.
The fallout from Covid-19 is expected to fundamentally change the way business happens over the next five years especially because this crisis will have a lasting impact on the customer’s need and employee’s mindset. It can also bring big opportunity for certain industry verticals.
Amidst the Covid-19 turmoil, I notice that companies are deprioritizing innovation.
In majority of cases, company’s commitment to innovation has decreased as they work through the crisis, focusing solely on short -term issues; except pharma and medical device verticals which show almost 30% rise in innovation budget.
In my view, this short-term focus by companies and ‘playing it safe’ attitude may in future turn out a short-sighted decision. Companies must rethink on their innovation management strategy, because seeing the opportunities emerging from the pandemic crisis is not the same as being able to seize them.