MANAGING INNOVATION IN COVID TIMES
As a result of the pandemic, the other thing which has gone viral is the bug of Innovation. In order to merely survive and keep their head above water, many companies have managed to overcome the innovation inertia and progressed further with new developments. Innovation which was one a “nice to have” item on the action list has transformed into “need of the hour” . On further analysis, I came up with the below factors to be kept in mind while innovating in a post-Covid world, which shook our realities and exposed plenty of loopholes. I have also jotted down a few examples, including consumer behavior that spanned out of the pandemic.
1 Resilience
Recently it was evident that the companies which offer the most resilient products/services have survived to stay afloat these massive pandemic waves, while the others which failed have been swallowed. So, resilience is one of the key aspects of innovation in a post-Covid world. For example, newly built Covid tracing apps that emerged out of nowhere had to make use of the resilient google maps in order to process their data. Amazon food delivery was developed to support the essential needs of the people.
2 Digital Operating model
Of late, it has also come to notice that you either go digital or die. Many companies had to file for bankruptcy just because they followed the traditional business models which offered no flexibility or adaptability for operating remotely. Hence it is necessary to have a digital infrastructure backbone in place, to be utilized at crisis times like these. For example schools and other training consultants made their services online and OTT movie releases in the entertainment industry.
3. Asymmetric
We have also learned that Anything is possible and we have to think out of the box i.e exclusive of our core competencies at times. The more opportune you can be by thinking asymmetrically (out of your direct competition), the better. For example, companies that are into fashion are now making masks, airlines are supporting home food delivery, car manufacturers are making ventilators, etc.
4 Collaboration
The above-mentioned asymmetry manifests in the form of collaborations. In terms of such times of disaster, collaboration and coordination between entities are the only lifesavers, it encourages partners to share benefits and risks. For example, Bus and train terminals are collaborating with health tech centers and security firms to boost passenger confidence, Restaurants are collaborating with transport firms to support the home delivery option.
5 Restructuring
As a result of Covid19, many companies are retiring some of their products and operating only a subset that offers profitability. In addition, some of the organization’s management structure has been restructured by redefining employees’ roles and responsibilities. Even objects are being moved across to serve a better purpose. For example, Airport staff who were working in other sectors had to be trained to handle the PCR testing, sanitizing etc, Empty stadiums and schools are converted into a hospital serving thousands of patients.
6 Sustainable
The sustainability theory has only been supported by the spread of the pandemic. The more eco-friendly your product, the more the value is likely to appreciate. For example, some manufacturers have embarked on their electrification journey while the others are doing their part by reducing waste consumption and utilizing renewable resources of energy
7 Cyber security
As an aftermath of the pandemic, the digital world went online in a gigantic and accelerated manner. This also paved the way for hackers and the kind to spot loopholes and make some quick bucks out of it. In order to combat this, an array of security enhancement apps have been released into the market. Some organizations also held cyber security contests/hackathons to promote this concept
8 Contactless
You got it right. Contactless IS the buzzword these days. People are reluctant to make any kind of transactions that involve touching surfaces, whether it is entering a debit card pin or trying out new clothes. For example, the check-ins, immigration, and boarding with the help of biometrics many airports are being made contactless. In addition, many companies have rolled out chatbots for customer support
9 Easily Scalable
The post-Covid world also calls for solutions that can be easily scalable. Companies should have a strong foundation to expand their business based on the demand. For example, the popular video conferencing app Zoom certainly did not anticipate millions of users within such a short span of time. Furthermore, Social media platforms are the best advocates of scalability, as help, many individuals and business expand their audience.
10 Easy Rollout
The easy rollout is one of the prerequisites of a product to thrive in the post corona world. This also makes the testing process more swift and efficient, thereby expediting the customer feedback loop. For example, telehealth consultations were rolled out by many hospitals/health organizations in order to address the remote demand for doctors, given the pandemic situation. Not to forget the massive vaccine productions and rollout across countries.
Well if you come up with an innovative product these days, make sure you have the above checklist. Good luck!
