To respond to this changing environment established firms are boosting their innovation capabilities. This means they are looking at options for radical change, not just tinkering with existing ways of doing business.
For the firms that get innovation right the rewards can be sizeable: greater loyalty from clients, an uplift in profitability and an enhanced reputation in the market.
However, effective innovation requires investment, time, and infrastructure. In short, innovation doesn’t happen by chance – professional firms need a well-considered innovation strategy to reap the desired results.