The Power Of Technology-Driven Innovation
Peter F. Drucker once said, “If you want something new, you have to stop doing something old,” and yet most firms stick with what they know and focus on incremental improvements. And while incremental growth is a critical piece of the puzzle, the more important element of growth is differentiation. If you want to grow, then you need to differentiate, and to differentiate, you must innovate differently to create and sustain competitive advantage.
Last May, we introduced the concept of technology-driven innovation (TDI) to help our clients understand how a handful of companies are outpacing the competition by using technology as a critical innovation driver while maintaining a central focus on customer needs — both now and in the future.
We define technology-driven innovation as an advanced discipline of rapid technology experimentation that applies rigor, resources, and customer insight to find, prepare for, and commercialize disruptive, technology-fueled change. We think it is the difference between firms that are growing through technology innovation and those that are not. Our data supports this; in fact, we reported last year that firms pursuing technology-driven innovation are growing 3–4 times faster than their industry averages.
Since then, we have interviewed many companies, conducted a deeper analysis of our innovation survey data, and identified capabilities and best practices for companies to follow in their pursuit of tech-driven innovation.
What It Means For You
Technology-driven innovation is an advanced discipline that enables firms to quickly iterate, innovate, and better serve clients to meet rising expectations. Our latest research on technology-driven innovation provides a deep dive into the key findings from our survey, the core capabilities of TDI, best practices for enabling this advanced discipline, and ultimately how to create revenue growth while disrupting your competitors, industry, and potentially an entire market.
If these concepts resonate with you and your innovation teams, we would love to hear from you! Set up an inquiry with us here.
“Turn Emerging Technology Into Sustained Advantage”
“Technology-Driven Innovation (TDI) Core Capabilities”
“BP Continues To Lead With Technology-Driven Innovation”
“Best Practices For Technology-Driven Innovation” (upcoming)