The preliminary Q2 GDP figures from the Office for National statistics indicate that not only is GDP well on track to meet expectations, GDP per head has returned to the pre-economic downturn peak in Q1 2008. Whilst there are some winners and losers within these figures, with services and production being relatively strong whilst construction remained flat, the outlook for the remainder of the year remains positive. Particularly so, given the fact that whilst the Bank of England has signalled a future rise in interest rates, most economists believe this will not be forthcoming until the turn of the year at the earliest. So, does that mean innovation complacency should creep in?
With the news being so positive, leaders may be tempted to take their feet off the pedals for a while and allow a little consolidation time. But this is the very time when leaders cannot afford to be complacent. With the market on the rise, those organisations which are geared up to provide agile and innovative solutions will be encouraged to move into new markets as they seek to provide optimal solutions for their customers. Entrepreneurs too will be eyeing potential opportunities as they seek to take market share from those who are mired in a process driven and cumbersome past.
We regularly warn that the world of the traditional marketplace has changed; so much so that potential disruptors may not even be in existence yet. When GDP and other economic figures are looking good there’s still no room for innovation complacency because those disruptors actually become ever closer and the business which is not geared up to provide agile, collaborative and intelligent solutions may find that the future is not so positive after all.