Growth can be elusive in today’s economy. Global markets seem stuck in a relatively low gear, and many traditional business models are waning as new market participants and technologies redefine worldwide commerce. But successful firms seize the opportunity to drive growth on multiple paths: new markets, new products, new services, new channels and supply chains, and a new customer experience. In short, the business and operating model itself may change. CEO’s are seeking more from operational leaders than holding the line on costs—they’re also asked to create value and contribute to growth.
While the focus of innovation has broadened well beyond the product, a high-output and reliable product innovation engine remains at the heart of long-term success. Leaders are “innovating how to innovate” in order to increase the quality, volume and velocity of new products and services.