According to the Boston Consulting Group (BCG), serial innovation is imperative for the success of companies and brands around the world.
Facing turbulent and fast-changing markets, innovators need a well-tuned innovation system that can spot emerging product, service and business model opportunities, and then rapidly develop and successfully scale them – over and again.
BCG states that successful serial innovators get three things right:
- They “walk the talk” as innovation starts with a commitment, making innovation a priority and investing decisively behind that ambition. While 60% of companies rank innovation as a top-three priority, not all walk the talk.
- They embrace the benefits of scale, Despite the conventional wisdom, larger companies pre-COVID-19 were not statistically disadvantaged on innovation versus smaller rivals.
- They calibrate their innovation systems for success, ensuring that the “machine that makes the machine” embraces best practices and is internally consistent across all dimensions is essential.
BCG’s ‘The 50 Most Innovative Companies of 2020’ list features some of the most innovative retail brands – including Apple, Amazon, Samsung, Alibaba, Walmart, Nike, LG Electronics, Target, adidas, Costco, JD.com and McDonald’s.