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Shifting the focus toward innovation
Since the outbreak of the financial crisis in 2007, we have been working with organizations around the world to ascertain the impact of the changed economic environment.
Looking back at recent years, we have identified three phases—each of them characterized by a shift of focus.
At the peak of the crisis, the majority of organizations, including the most successful ones, made sure to secure liquidity and reduce short-term costs.
But rather quickly, the focus shifted toward a more long-term and strategic approach, to achieve productivity improvements and sustainable cost efficiency.
After they had achieved results, the most successful organizations shifted focus again, this time toward long-term and sustainable growth by expanding their market reach and geographic footprint into developing markets worldwide.
It became evident from our work with clients that securing future growth requires developing innovative products, services and business models.
But improving existing business offerings is not enough. Developing a deeper understanding of new clients’ needs, preferences and insights, well as creating innovative approaches to the delivery of products, services and customer experience are the keys to success.