October 10, 2022
Innovation is the Ultimate Source of Competitive Advantage
Innovation is one of the powerful drivers of economic growth and development. Innovation is a necessity in the twenty-first century’s hypercompetitive world. Businesses that fail to undertake strategic investments in R&D (to introduce innovative products, services, processes, or business models) run the risk of being sidelined by agile innovative competitors, losing key staff, and or being susceptible to deteriorating operating performance.
Innovation has long been recognized as playing a critical role in creating and enhancing firm value. It is the ultimate source of competitive advantage as reflected in the significant value it has created for stakeholders of the world’s most innovative organizations such as Amazon, Apple, Coloplast, Enphase, Google, Intuitive Surgical, MediaTek, Microsoft, Samsung, to name ten.
Innovation is a necessity and requirement for sustainable growth in the 21st century because of the increasingly hypercompetitive and complex global business environment brought about by the changing dynamics of innovation, globalization, and the realities of the new world economic order. Innovation no longer traverses in one direction from developed to developing economies in the new economic system. And because innovation is a prerequisite for sustainable growth and also being the ultimate source of competitive advantage, it must be an integral component of an organization’s strategic growth and globalization goals. Consequently, innovation must be approached strategically not just by firms that plan to market globally, but also by small businesses in specialized markets. TMCG helps companies develop and execute innovation strategies that develop innovative products, services, processes, and business models at a faster time-to-market pace, improve operating performance, ensure sustainable growth, increase profitability and maximize firm value.
The collaboration between organizational leadership, the creativity of an organization’s entrepreneurial team, and TMCG’s innovation competencies enhance clients’ innovative capabilities and thus enable them to successfully develop and fast to market new products, services, processes, and business models.
From idea generation to commercialization
TMCG participates in the entire innovation process of clients beginning with idea-generating through concept screening to business analysis, product development/refinement to product commercialization at fast to market pace. At every stage in the innovation process, we seek answers to technology and market questions to development. The technological drivers extend beyond product and process but also reflect the innovative capabilities of the organization by demonstrating the uniqueness of potential products, services, and business models. In the first phase, [idea generation/concept searching], we seek answers to questions concerning the technical feasibility and potential market demand. In the second and third phases [concept testing and business analysis], we resolve technical questions by comparison with market preference questions. In the final phases [product development/refinement, product testing/commercialization], technology diffusion questions are matched with fast-to-market pace questions.
Nice Post