Damola Giwa, ARM’s Group managing director of Digital Banking, has said that businesses must shift their mindsets for innovation success.
This was revealed in a panel session at a BusinessDay Economic Club event themed, ‘Harnessing Emerging Technologies for Competitive Advantage.’ He explained that even though innovation is becoming a buzzword, it is vital to have the right mindset to use current technologies.
“It is important to have a mindset shift before thinking of innovation. At the core of innovation is customer success, so taking it seriously before clamouring for innovation becomes expedient,” he said. “If you have a mindset that ensures you can do things well, technology becomes an enabler.”
The panel session also featured other speakers who discussed the need for businesses and entrepreneurs to strategise for innovation.
Glory Enyinnaya, founder of Kleos Advisory Africa, said, “African companies need to embrace change readiness and tailor storytelling to customers. It is not great enough to please only investors with your story. Businesses must also take the attention of their customers very seriously to measure success by impacting the client base and not just raising money from investors.”
Giwa further noted that younger startups are more innovative than the more established ones for several reasons. He explained that startups are more reliance-inclined, unlike older firms, which are largely risk-averse.
“Children usually have more energy than the elderly. Consequently, unlike well-grounded firms, the younger generation who build startups have the wherewithal and strength to take risks and try new things. The more established companies have more complex processes, so it takes a lot of decision-making to innovate,” he stated.
He concluded by advising that innovation is crucial and cannot be ignored, no matter how long it takes. “It is impossible to solve today’s problems with yesterday’s thinking, so no matter how slow it is or how long it takes, it is very important to move along with the times to not be left behind,” he added.
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