What is business resilience?

Business resilience is the ability to thrive in the face of new environmental challenges, often by coming up with new and innovative solutions. Survey participants agreed with our definition, but a few explicitly connected resilience to trying something new.

What is business innovation?

Almost universally, the senior business and innovation leaders that we surveyed for our global research report, Building Business Resilience Through Innovation , said innovation means bringing a new idea, process, product business or operating model into the world.

How does innovation build business resilience?

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.

What are examples of best practice innovation techniques?

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

What is Prophet’s Human Centered Transformation Model™ and how can it help build innovative and resilient organizations?

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.

EXPERT PROFILE

Erin Weissert

Partner, Insights & Analytics
Chicago

Connect with Erin

Erin is a Partner in our Chicago office. She joined Prophet in 2014 and has 10+ years of global consulting experience across various industries (including pharmaceutical, medical devices, insurance, executive search and CPG).

Prior to Prophet Erin worked at The Connell Group where she developed and executed custom quantitative and qualitative research that drove client growth by improving clients’ brand strategy, increasing returns from innovation or optimizing marketing activation. Erin started her career at Nielsen focusing on portfolio optimization and pricing strategy for large CPG companies.

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