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Innovation ”offers greatest gains”

by | Nov 17, 2008

Organizations can expect the greatest benefit to come from being daring during turbulent economic times, it has been asserted.

Knowledge@Wharton reports that many firms might believe caution is a wise approach when considering "disruptive technologies" in a tightened economy.

But the resource adds that those which take an innovative approach to adopting new processes stand to witness the greatest level of return.

The adoption of new technologies could be as simple as adding an image viewer or file conversion tool to an existing intranet platform.

Paul Schoemaker, research director for the Mack Center for Technological Innovation, tells Knowledge@Wharton that anything which improves sustainability is likely to be deemed of significance during a financial crisis.

"Loss of revenue and profit will at first instill a cost-cutting mentality, which is not good for innovation," he comments.

"But if the patient is bleeding you need to stop that first."

He adds, though, that sustainability improvements are likely to rank as the next consideration for companies which are able to move through cost-cutting and into a phase of restructuring.

The flexible working practices which may be offered through web-based access to a corporate file conversion tool or image viewer might prove particularly useful in reassuring a workforce concerned about the economic turbulence, in light of a study from Lake Research Partners.

According to the analyst, workers are increasingly looking towards more flexible employers in order to feel that their jobs are safeguarded should they experience any change in personal circumstances.ADNFCR-1861-ID-18880377-ADNFCR