Four In Ten Companies Look Outside Their Domains For New Ideas
Summary
They are “collaborating with partners that provide diversity of thought and break down silos, such as cross-industry coalitions, venture capital, private equity firms, industry associations, and consultants — well beyond their immediate organizational boundaries,” the report’s authors assert. Today, innovation depends on “tapping into the potential of a partner ecosystem to build on expertise, folding in resources including assets, ideas, and the skills that can accelerate and support transformation,” says Nitesh Banga, president and CEO for GlobalLogic. “This drives significant business impact because not only did the retailer make a sale, but they now have an ongoing relationship with the customer throughout the life of that product.” In another example, “car companies are working on new offerings to sell as a service inside the car — similar to in-app purchases in mobile apps, content, entertainment and other services can be purchased through the vehicle,” says Banga. “This new model may not be in your core DNA, which opens multiple options of partnership, ventures or consolidations to mitigate that risk,” says Bailey. “It’s essential to consider how that shift is made, including the competition, the unique DNA required, and the talent you need to succeed.” “Consider the pharmacy retailer that now offers healthcare services,” says Bailey.