As business navigates a second set of lockdowns across the UK, thoughts naturally turn to how companies will survive and prosper. For many experts innovation is the key.
Recent research shows that companies that maintain an innovation focus emerge from economic shocks stronger, even outperforming the market.
But firms must be prepared to capitalise on the opportunities emerging from a crisis. Elsewhere researchers find that while executives may see opportunities, only a fraction believe their companies are ready to seize them.
Board Agenda, together with board management software provider Diligent, is bringing together a panel of experts for a webinar on 19 November to help our readers maintain their attention on innovation despite the demands of the pandemic.
The webinar, titled Innovation in Times of Crisis: The Board’s Role in Navigating Short-Term Risks and Long-Term Growth, will feature experts including Darrell Rigby, partner and head of Bain & Company’s global innovation and agile practices; Jacqui Ferguson, a non-executive on the board of Tesco Bank, Croda, Wood Plc and Engineering UK; Julian Birkinshaw, professor of strategy and entrepreneurship at London Business School; and Kieran Moynihan, managing partner at advisory firm Board Excellence.
The panel will explore the importance of innovation and how to grasp opportunities for growth; pivoting to digital strategies and the necessary board recalibration; and the success factors boards need to consider both during and after the pandemic.
According to a recent whitepaper produced by Diligent and Board Agenda, Creativity in a Crisis: a Boardroom Roadmap for Innovation, the core issue is whether boards believe they are building an environment in which innovation can be nurtured. This could require a number of components such as agile leadership, putting people first, adaptive operations, a focus on long-term value creation and emerging technologies.
Key milestones on this journey include having a board member responsible for innovation strategy, and reviewing progress against measurable targets for boards and senior management. Other actions include regular reviews of innovation projects, stimulating debate on innovation internally and making innovation a key metric at the heart of board reviews.
A recent Diligent report, The Pandemic Agenda, quoted one board member as saying: “If we can think beyond the short term, we can put ourselves in a better position for the long term.”
The Creativity in a Crisis report echoes those sentiments: “Innovation is not restricted to new products or markets: boards can also think innovatively about the organisation’s purpose, the workplace environment and employee offering.
“This will result in an environment where innovation can thrive at all levels and become part of the organisation’s culture.”
The Diligent/Board Agenda webinar takes place on 19 November at 2pm GMT. Register for your free place now.