Sharing some more amazing and insightful data from McKinsey. It makes perfect sense that focus on innovation is down right now in almost every industry sector – many organizations are fighting to stay alive. But, I think we all agree that business has fundamentally changed and will remain so heading into the future. Many organizations can simply not operate as they have in the past. What made your organization successful in the past may no longer be possible after the crisis. For many, core capabilities that made you distinctive in the past may now be less differentiating, if not irrelevant in the future.
Historical crisis and recovery data from McKinsey indicates that organizations that stayed committed to innovation during the crises not only faired better through the given crises but outperformed the market average by 30% over the next 3-5 years post-crisis. It is an extremely difficult decision to choose to focus on innovation during such volatile and uncertain times and knowing how to do so with the myriad of technology-related challenges is certainly a tall order. This is one of the key roles of a virtual CIO – to help organizations leverage technology strategically to differentiate themselves amongst others in an extremely noise environment.