With the looming economic downturn, it is human nature to turn to short term cost management practices but it might not be good business sense to reign in innovation. It is a tough task but as most experts might argue it is myopic to ignore innovation and growth, in other words miss the big picture. The very factors that create cost pressures may be the ones that encourage breakthrough ideas about new products, services, and processes. Infact it's only during an economic downturn that organisations are forced to think of out-of-the box cost effective solutions for their customers, that might infact be extremely relevant to their business. Maybe the best oppurtunties lie in the 'blue ocean' markets, areas outside the companies current core area of expertise. In the wake of the dotcom bubble both Google and Apple continued to invest in new ideas despite lack of confidence in the hi-tech sector.
POSTED BY: PALLAVI SINGH
PGDM III, 'B'
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