In today's fast-paced and competitive business world, innovation stands as a reliable antidote to the challenges of constant change. Many organizations struggle to differentiate themselves authentically, and the key to standing out lies in creativity, innovation, and enhanced capability.
In this blog, I will distill my experience as a business leader and value-delivering entrepreneur, while drawing inspiration from some notable Nigerian entrepreneurs. Dr. Ola Brown, Founder of Flying Doctors Nigeria, eloquently defined success in business as the passion to create a better society and live a life you can be proud of. Similarly, Odunayo Eweniyi, co-creator of PiggyVest, challenged Nigerians to aim high, work hard, and care deeply. Nike Ogunlesi, the Creative Director of Ruff nTumble, further added that sustainable positive results can only be achieved when business leaders lead with positive energy.
It may surprise many to know that Nigeria once trained nearly all the insurance professionals in Africa. In fact, Mutual Benefits, a Nigerian company, was recently awarded the title of the Most Innovative Insurance Company in Africa. This highlights the importance of innovation as a priority strategy for businesses seeking long-term success.
Innovation involves aligning everyday business decisions with creative efforts, driving value creation through products, services, and new business models. Whether by refining core offerings or expanding into non-core areas, innovation can propel businesses into phenomenal growth. For innovation to be truly impactful, it must involve the entire organization. From the leadership to the workforce, innovation should be embedded into daily operations, with clear accountability and constant communication driving efforts forward.
Innovation thrives when creativity is embraced across the entire organization. With the right tools and processes in place, creativity drives sustainable and ever-improving growth. It allows businesses to leverage their strengths, engage teams fully, and maximize what works best for them. Differentiation comes from deploying curiosity, empathy, and capabilities in a way that fuels winning strategies.
A.G. Lafley and Ram Charan, in their book The Game-Changer, emphasize that innovation must be everyone's responsibility in an organization, from the board of directors to the entire workforce. Innovation strategy impacts everything from product development to supply chains, business models, and resource allocation. It is an ongoing process that requires constant monitoring of market and financial results to ensure progress.
I define creativity and innovation as the acceleration of change through the things an organization does best. This leads to sustained profitability and new opportunities. For innovation to thrive, business activities must always feel fresh and new. A culture of listening to customers and adapting to their needs opens the space for creativity and leads to increased productivity.
Steve Burns, in his analysis of innovation and entrepreneurial leadership, pointed out that starting a business is not enough. Leaders must cultivate a mindset of relevance and offer far-reaching benefits to customers. Only through an unyielding drive for excellence can innovation propel businesses to the top of their value-adding activities.
To remain agile and adaptable in today's ever-changing markets, businesses must harness the power of creativity and innovation. This is the only way to keep up with market trends, emerging technologies, and evolving customer preferences. A deep understanding of customer attitudes, behaviors, and habits is crucial for delivering delightful engagement and usage experiences.
As Lafley and Charan stated, unlocking customer insights is the essential foundation for creative and innovative efforts.
Leaders play a critical role in fostering innovation. According to an article published by Mansueto Ventures LLC in Inc.com, leaders must go beyond being the boss; they must become mentors, facilitators, and trusted guides. Effective delegation fosters a culture of high trust, creativity, and risk-taking. Leaders must be passionately curious, always driving exploration, learning, and progress. By creating a psychologically safe workplace, they encourage teams to challenge existing knowledge and explore new ideas.
In conclusion, innovation is not just a strategy but a mindset. It’s a team activity that thrives on curiosity, empathy, and a relentless pursuit of excellence. For organizations to win in today’s world, they must embrace innovation at every level, creating opportunities for growth and sustainable success.