Resilience and recovery: The innovation imperative

Resilience and recovery: The innovation imperative

There is an English-language proverb that could not ring more true than it does in this era of global disruption: necessity is the mother of invention.

The impact of covid-19 and the measures undertaken by governments to contain its spread are and will be far-reaching. On a positive note, they have and are continuing to spur innovation. In fact, in a survey of business leaders conducted by The Economist Intelligence Unit, 42% of respondents cited more innovative offerings as the greatest opportunity for post-covid-19 resilience. Businesses are being forced to behave like never before. They have had to come up with new ways to keep making products and have been forced to create new demand channels. Some are even changing the way they innovate.

Now, as we look towards the recovery phase, firms will need to identify and spur on the necessity-driven innovation that will enable them to adapt to and transform their business models for the new normal. How should organisations as a whole maximise their resources to drive innovation? How can they reshape their organisational structures to foster innovation? How can they fully leverage the business intelligence that their data offers? And, how can they make insight-driven innovation a core part of their DNA going forward?

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