Innovation triggers growth
For the phytopharmaceutical market, innovation, although not easy to achieve, creates new market opportunities. Consumers want innovative active ingredients and more convenient formats. Innovation is an essential driver of economic progress that benefits consumers, businesses and the economy as a whole, today more than ever, as accoding to McKinsey, "prioritizing innovation today is the key to unlocking postcrisis growth." (read the article here) Innovation leads to higher productivity, meaning that the same input generates a greater output. "Innovation distinguishes between a leader and a follower.“ said Steve Jobs.
- is a firms openness to embrace new concepts, products, and procedures
- consist of the firm’s readiness to transform and adopt latest technology and market trends.
A Culture of "Yes" & Customer Obsession
Many studies have demonstrated the important effect of organizational culture on organizational innovation and transformation capabilities (Hernández‐Mogollon, 2010; Herrmann, 2007). An organization’s culture can be defined as the set of standard habits, behaviours and representations shared by its members. While many obstacles have to be overcome to be innovative, the biggest challenge many firms face is creating a culture that supports and embraces innovation.
Key part of cultural transformation is a culture of "yes" that enables agile decision-making and allows to move a great idea forward as the result of a 30-minute meeting, while being customer obsessed (Schreiber, 2018).
Strong cultures often discourage change and block the implementation of new strategies. “Corporate culture – something that’s powerful yet invisible – has the power to easily derail any half-hearted attempt to create an innovation initiative” says Jeffrey Philipps, because, as we all know, “Culture eats strategy for breakfast” (Peter Drucker).
red otc is an innovative company, our culture is driven by "yes" and our aim is to bring innovative & consumer focused solutions to the OTC market.