IoD Harps on Innovation for Business Relevance, Continuity
The Institute of Directors (IoD) has emphasised on the need for organisations to invest massively on innovative solutions to remain relevant in the future.
The president, IoD, Mrs. Ije Jidenma, at its Institute’s fellows’ luncheon in Lagos, said innovation is crucial to the continuing success of any organisation.
According to her, innovation enhances market position, increase sales and market share, reduces waste, saves cost as well as increases productivity, growth and profitability.
“Therefore, as business environment changes, driven by technological and social shifts, innovation is central to ensuring the development and growth as well as sustainability of organisations,” she advised.
She recommended that directors, as business leaders must be futuristic in their outlook and come up with new and creative ideas for business to thrive in this highly competitive environment.
She charged directors on the need to lead the charge and play major roles, saying that Directors have the deepest understanding of the goals and motivations of businesses, the cultures and nuances of their operating markets, as well as a vested interest in the sustainability of these organisations.
The IoD boss added that becoming an innovative organisation, is a continuous journey, pointing out that innovation can involve simple, incremental enhancement in any area of an organisation.
“It requires companies that have a long history and legacy to embrace shifts in culture, process and structure to become consistently creative,” she added.
She said the Fellows’ Luncheon is an annual event set aside by the Governing Council to felicitate with its Fellows as well as other members of the Institute and invitees; to network, interact, bond and share knowledge and experience.