Innovate or Renew?

Innovate or Renew?

By Vitor Bauab – CEO of the BBG Brasil Group

The importance of innovation in organizations is a topic that is becoming increasingly more frequent in the corporate environment. Particularly nowadays, innovating is fundamental for the development and longevity of companies and even in our personal lives. What happens most of the time is wrong innovation practice and those moments when it is included in the business routine are not correct.

Many confuse innovation with renewal! That’s right; they are different times when caution is needed when it comes to choosing which path to follow.

So let’s look at this matter. In order to innovate some leaders radically change the company’s business, for example. Many flee from the essence of the organization; they change business concepts, values, and missions in an attempt to bring something from “out of the box”. But is this the way and the moment?

My question is whether this is not the time to renew. Really? Is renewal a compulsory action that is frequently practiced and that sometimes results from an innovation? When a decision is taken because of a strategic idea, it takes a lot of work to make everything happen. At the same time, difficulties are also expected to appear along the way. Once this action has been consolidated, is it time to innovate once more or to renew the paths?

There are a lot of good businesses, which due to a lack of success, or some process, policy or even structure, decide to innovate again. Is this really the best strategy? How about renewing?

We need to stop wanting to innovate all the time. When we think about the importance of innovation in companies, it is clear that innovating is essential for any business, especially in the current scenario in which there is strong competition.

But renewing is part of the process. Ignoring this possibility can be crucial to any innovation.

I think we need basic premises in the process of innovating and renewing; in other words, we need to evaluate the support pillars.

Questioning is one of the main measures: What do I want to innovate? Why do I want to innovate? If it is difficult to find the answers, perhaps the solution is to renew!

Bear in mind that we have a corporate essence. Because of that, don’t believe that innovating is always the best way out. The reason for innovation lies precisely in the essence of the business.

Yes, you can innovate and renew your ideas!

The opinions expressed in this text are the author’s opinion and do not necessarily reflect the position of WTM Latin America.

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WTM Latin America is the three day must-attend business-to-business (B2B) event which brings the world to Latin America and promotes Latin America to the world.

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