Forging into uncharted territory is a risky endeavor. But in a rapidly changing business environment, standing still comes with risks of its own. Big name brands such as Blockbuster, Atari and
Borders have stumbled or fallen to the
wayside due, in part, to a failure to
adapt. New technologies accelerate the
pace of change, and organizations feel
the pressure to build innovation into the
project portfolio—before it’s too late.
With cloud computing, 3-D printing, drones, robotics and the Internet of
;ings reinventing “business as usual,” even the most risk-averse industries are
being forced to innovate, says Anshul Srivastav, PMP, vice president of informa-
tion technology, Bharti Axa General Insurance Company Ltd., Bengaluru, India.
“Innovation is scary, but if you’re not doing it, you are losing out,” Mr. Srivastav
says. “It can happen in any industry—manufacturing, ;nancial services, tele-
communications: If you don’t change the way you do things, you will collapse
one day when some other organization comes along and does.”
Based on the volume of patents ;led, ;omson Reuters’ 2014 State of Innova-
tion report found an increase in global innovation across 11 di;erent sectors in
recent years. (See sidebar, “;e Pace Quickens.”) CEOs look at the competitive
landscape and see growing opportunities—as well as impending risks. About
60 percent of CEOs see more opportunities and/or threats than they did three
years ago, according to PwC’s 2015 Global CEO Survey.