Inventive products and services keep organizations ahead of their competitors. Innovation is a competitive advantage, but innovation is not simply the digitization of existing business models. Instead, companies must consider what technologies are necessary for success not just right now, but in the future. To stay competitive in quickly changing landscapes, transformational innovation is essential.
We often think of innovation as reserved for startups or industry staples long known for their creativity, such as Apple, Alphabet, or Tesla. Companies across all sectors are staying ahead of the competition with forward-thinking innovation. These three entities are showing that an innovation strategy can propel you toward success no matter what you sell.
ServiceNow, a digital workflow and productivity platform, topped Forbes’ list of The World’s Most Innovative Companies in 2018. The company credits its customers with its success; it’s users’ ideas that serve as the starting point for ServiceNow’s innovative approach to workflow management. This approach is what differentiates the platform from its competitors. Listening to what users really need has led to a tool that is both user-friendly right away and completely customizable.
You may not consider the hard seltzer vertical to be exceptionally innovative. However, it is “one of the fastest-growing alcoholic beverage categories in the world” and a growing number of brands want to capitalize on this growth. White Claw’s approach to hard seltzer was innovative from the start, with a gender-neutral strategy that helped it stand out from “ultrafeminine” competitors. The brand’s unique take on hard seltzer allowed it to capture more than half of the market share and landed it sixth on Fast Company’s list of The World’s 50 Most Innovative Companies.
Ranked ninth on Fast Company’s list of The World’s 50 Most Innovative Companies, Roblox is constantly innovating to provide a better experience for its customers. The online gaming platform allows developers to create their own games within the platform with the support of constantly evolving tools, resources, and upgrades. Harnessing the power of creators using the platform makes Roblox unlike any other gaming community.