Below is an excerpt from my book “The Future-Proof Business Transformation Playbook — 5 Pivotal Pillars for 21st Century Leaders”
Consider Netflix, the undoubted number one player in the online media streaming game. With more than 130 million subscribers worldwide, Netflix can easily consider itself a powerful disruptor — a poster boy with humble beginnings moving on to become a perfect example of a company that successfully transformed itself into a digital powerhouse.
Yet, Netflix has almost failed to understand the threat coming from the primary competition, Amazon. In a little amount of time, Amazon prime video has become more than just another streaming service. Most importantly, Amazon does not have to rely on the profits coming from only the streaming service. Amazon also boasts of a more mature digital relationship with their customers. Now it remains to be seen how Netflix responds to the competition. The purpose of this example is to illustrate that innovation is a consistent process. Identifying the list of possibilities and planning your responses is essential for successful innovation in the long-term. The leaders will have to come up with a vision that defines every adjacent possibility.
Being strategically innovative is a continuous quest to measure, implement, improve, and evolve — none of which you can afford to miss. The sooner you start getting familiar with the process of strategic innovation, the better.
Originally published at https://www.linkedin.com.