It is truer today, more than ever, that innovation is necessary for businesses to survive.
Traditionally, companies would plan for growth based on past performance, utilizing historical data to influence future forecasting. While there used to be some reasonable level of accuracy with these growth projections in the past, the pandemic has now shown us how growth can drastically change, ranging from stifled demand on one extreme to a rapid escalation of demand on the other extreme. Not only can the magnitude of growth change, but customers’ buying behaviors can also change, either transitioning order profiles from a higher volume of smaller orders to a lower volume of large orders or vice versa. The level of uncertainty in today’s world requires companies to embrace innovation to meet these constantly changing demands.