18May2024
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Where are the leaders in our industry?

Disclaimer: The views and opinions expressed in the vapa Swiss independent wealth management blog posts featured on this page are solely my own and do not necessarily represent the views of any institutions or organisations I may be associated with. These posts are intended to share personal insights and perspectives and should not be interpreted as official statements or positions of any affiliated entities.

Innovation is crucial to the success of any business, big or small. It drives growth, competitiveness, and success in today’s fast-paced and ever-changing business environment.

Kodak, once a dominant player in the photography industry, needed to adapt to the rise of digital photography. Instead of embracing the new technology, they clung to traditional film-based products and ultimately lost market share to digital camera companies like canon and Nikon. Kodak filed for bankruptcy in 2012, a clear example of what can happen when a company fails to innovate and adapt to new technologies.

Innovation is not just about developing new products or services; it’s about continuously improving, adapting, and staying ahead of the curve. Companies that must innovate avoid becoming irrelevant and losing market share to more forward-thinking competitors.

In today’s business environment, innovation is essential for survival. Companies must constantly look for new opportunities and ways to improve their products and services. They must stay on top of new technologies and trends and be willing to take risks and try new things.

Top dogs, in particular, should be careful. Perhaps the employees are only still there because it is comfortable and there is no change. But it should be the task of the leaders to push them outside their comfort zone. Especially on the cost side, there are many possibilities. This spot seldom has anything to do with “competition” and can finance innovation steps. The day will come when someone takes your place.

Source: LinkedIn

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