This quote was valid years ago. It is even more true in today’s highly complex, fast-paced, global market.
“Business has only two functions — marketing and innovation.” ~ Peter F. Drucker
If you aren’t leading, you are following. The good news is that you don’t have to lead precisely like your competitors. Focusing on your version of innovation is better for serving your clients.
Successful differentiation is why building innovation and technology into your business strategy is essential. Innovation for low cost looks different than optimizing for high-touch service. And you have to keep a lid on costs while growing revenue. Achieving balance takes work.