The following is a guest piece by Innovation Excellence co-founder Rowan Gibson.
Today’s corporate leaders are under intense pressure to deliver continuous business growth. But where exactly is this growth supposed to come from? What most companies understand now is that the only way to drive profitable growth and wealth creation over the longer term is to innovate.
In my new book “The 4 Lenses of Innovation”, I outline four proven ways to generate the new strategic opportunities that will power your company’s future growth. One of them is the ability to look at your organization not as a collection of business units but as a portfolio of embedded competencies and assets that can potentially be repurposed, redeployed, or recombined to create new value.
By viewing your business through this particular lens, it’s possible to spot and exploit important new opportunities for expanding the boundaries of your business that you otherwise may have missed.
Let’s start with a simple question: how would you define your company? Most senior executives respond to this question by describing what the company is or what it does. For example, they might say, “We’re a bank,” or “We make office furniture,” or “We’re in the pharmaceutical business.”
This is quite understandable. It’s the most simple and straightforward reply to the question. But that’s not the way radical innovators envisage their organizations.