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Successful Innovation in B2B Takes Bringing the Whole Company to the Table
In the realm of business, the term ‘innovation’ is often tossed around like a shiny buzzword, suggesting a world of limitless possibilities and creative experimentation. Especially when tackling innovation in B2B, though, whether in the form of new business models, products, services, or partnerships, true innovation requires far more than mere brainstorming and ideation; it demands a disciplined and strategic approach to transform ideas into tangible, profitable outcomes.
Innovation in B2B takes many forms. In healthcare, digital innovation is creating new competitive edges for medtech and solutions providers as digital payments and AI sweep the industry. Digital transformation is also opening new doors in B2B; companies across industry are seeing value with innovation in B2B that makes embedded analytics a strategic priority and a transformation agent for operations, new services, financial efficacy, and more. Some thought leaders put the emphasis on media strategies being the chief battleground for innovation as B2B works to catch up to B2C and adopt innovative digital marketing strategies.
What really makes for a successful strategy for innovation in B2B, though? Regardless of the market or technology in question, organizational culture that fosters unedited and free-flowing ideas, yet couples this creativity with rigorous mechanisms to ensure these ideas are more than just fleeting thoughts, is the bedrock of any successful mission of innovation in B2B companies. Gerry Mecca, a cutting-edge senior leader in technology and Principal at The EKG Group, shares some of his strategies for making good on promises of innovation, pulling from his 40+ years working in the technology and CPG sectors and consulting businesses on their executive technology strategies.
“I always think of the example of penicillin was invented somewhat accidentally, then innovated once so that it could be taken on to the field in military applications. But the real innovation was when it was made into a pill that people could take. Each of those steps were innovations,” Mecca said. “None of those steps would have taken place if somebody didn’t sit down and say, here’s what we could do or what do you think about this? Get a bunch of smart people together, get them to have a little bit of money to make their innovations become more than just a piece of paper.”
Article written by Daniel Litwin.
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