EY Strategic Growth Forum™ session highlight

Innovating the Future: Staying ahead of the competition

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EY - Innovating the Future: Staying ahead of the competition

Innovation has driven the growth of companies for many decades and is highly valued by businesses - 86% of our audience agreed. However, there is a fine balance between too much innovation and not enough. Innovation needs to drive sustainable growth and turning it into a viable business model is currently one of the biggest challenges.

Agile business processes

To be profitable, businesses need to be agile. Companies are now shortening product cycles, engaging user networks and working with forums or universities to connect with new ideas from outside the organization. Partnerships with other companies also help to increase the speed to market.

Crowdsourcing will only take innovation so far

Social media provides valuable feedback on current products and generates new ideas. However, the role of innovation centers is to anticipate customer needs and be ahead of the market.

The panel was moderated by David Jenson, Partner, Advisory, Global Innovation and Digital Strategy Leader, EY. The panelists were: Ralph Haupter, Corporate Vice President, Chairman and CEO, Microsoft Greater China Region; Dr Liu Jiren, Chairman and CEO, Neusoft Corporation; Patrick Kung, Executive Vice President, CEO of Greater China, Royal Philips; Clas Neumann, Senior Vice President, Head of Global SAP Labs Network and Fast Growth Markets Strategy Group.

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