REPORT
Building Business Resilience Through Innovation
How the most successful organizations are using innovation to build resilience and drive long-term growth in an uncertain economic climate.
Faced with a world of growing volatility, uncertainty, complexity and ambiguity (VUCA), business resilience is being tested like never before. And, continuing with business as usual becomes the biggest risk.
Innovations’ power to boost resilience is more important than ever. Yet organizations are barely scratching the surface when it comes to innovation and missing opportunities for meaningful and sustainable revenue growth.
So, how can business leaders chart a path for their organization to join the high-performing ranks of the truly innovative and resilient? Especially when innovation and resilience are treated like conflicting priorities, with innovation seen as a cost center and resilience as cost-cutting.
We talked to 300 senior global business leaders across 30+ industries to learn how successful organizations use innovation to drive business resilience. And we learned these types of organizations are more likely to practice a wide range of innovation techniques, have C-suite buy-in and strive for sustainable change.
Organizations that are both innovative and resilient are two times as likely to exceed their financial targets and three times as likely to create shareholder value than their competitors.
Download our global research report to learn:
- How the most financially successful organizations use innovation to build business resilience
- The common barriers that slow innovation in organizations
- The top techniques used to expand commitment to innovation through the enterprise
- How to use Prophet’s Human-Centered Transformation Model to become more innovative and resilient
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Building Business Resilience Through Innovation
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Frequently Asked Questions
Almost half of the innovation leaders we surveyed for our report, Building Business Resilience Through Innovation, believe innovation and resilience are correlated. Among high-performing companies, awareness rises to 60%. This connection suggests an organizational understanding that innovation isn’t just about successfully launching new products. Instead, it’s a valuable mindset that strengthens and benefits the entire organization. In the most successful companies’ innovation builds business resilience.
While this list is by no means exhaustive, Prophet’s innovation experts have identified the following 15 best practice innovation techniques, many of which have been widely used in business for decades:
- Focus on Customer Needs
- Leadership Coaching and Alignment
- Agile Product Development/Methodologies
- Tracking KPIs
- Dedicated Customer Research Team
- Dedicated Innovation Team
- Special Incentive Structures for New Business
- Scenario Planning
- Focus on Competitor Activity
- Design Thinking Methods
- Explicitly Balance Investment
- Introduction of AI/ML to Your Operations
- Innovation Incubation Program
- Rapid Prototyping and iteration
- Pod-Like Structures/ Decentralized Teams
At Prophet, we view all organizations as a macrocosm of the individual. Each one has a collective DNA, Body, Mind and Soul. To become a more innovative and resilient organization, leaders need to think about every aspect of this ecosystem. Our Human-Centered Transformation Model provides an accessible lens for unpacking complexities and highlighting and understanding specific components more easily.