Is your organizing growing, or becoming irrelevant? Dr. Evans Baiya argues that innovation and strategy must work together to create value for customers.
Episode Transcript:
Have you ever thought about how many companies die every year with beautifully made strategic plans? Think about your own department. You may have very good ideas, but you cannot have growth and you cannot have impact in the market if you just have strategy and you don’t have innovation.
By definition, strategy is how you deliver value. Innovation is how you create value. So, the only way to grow a market, the only way to grow and bring value, is through innovation. But you need strategies on the how so that we make sure that we are delivering the right value to the right person and that we are meeting the greater purposes of the organization. So, these two work very, very closely together, and therefore you cannot separate the two. It’s not one or the other.
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