History is replete with examples of organizations that had once dominated a market segment only to become insignificant or go out-of-business.
Today’s fast moving, highly competitive marketplace demands a relentless pursuit of innovative products, services, and operational advancements. What thrilled customers yesterday, becomes old and outdated tomorrow. What is low cost and efficient today becomes expensive and unwieldy tomorrow.
The rapid pace of technological advances and process transformations as well as the marketplace entry of tenacious entrepreneurs makes continuous innovation an organizational necessity.