Where there is deterioration in an ecosystem, there are growing pains in the current reigning combination of product & service solutions. The greater the pain, the deeper into the process of phasing out we are. In the transition of functional to non-functional is mounting frustration voiced by clients, felt within our teams. Take heart. This means that innovation opportunities are emerging. You can use the pain to channel the ecosystem changes into successful, innovative business models. The more clearly defined the pain is, the more insight you have into the ecosystem of things and the digitization of things evolving. You can see the opportunities emerging.
How can you squarely face conditions in the ecosystem and evaluate deterioration as indicators of opportunities? The schematic below can be used as a window for narrowing focus, to discover the place where transactions and interactions coincide to access the emerging value contained in pent-up demands. Business innovation is an inbound activity before becoming an outward facing exploration, and then an outbound Go To Market Strategy.
The key is to start with our own values, purpose and mission, and then reach out to co-create with our customers, to be willing to recognize new endeavors that reinvent and grow innovation and financial leadership in our sustainable, evolving world.
How quickly can we let go of what has been, in favor of what can be?