“Successful companies are those that are continuously innovating, developing and changing,” declared Phil Smith, VP Corporate Marketing at Cisco at the keynote session of the Thames Valley Innovation Conference 2007.
“Companies can not afford to stand still in today’s marketplace,” continued Phil Smith. To have an impact on their bottom line, companies have to innovate quickly. For most businesses, the highest percentage of their revenue comes from products developed in the last five years. If they are not continuously developing new products, they will eventually go out of business.”
Speaking to a packed audience of local business people at Green Park on Tuesday 16 October, Phil Green led the opening session of the conference on the subject of finding the recipe for commercially successful innovation.
“Companies that collaborate are also very successful,” continued Phil. “Working together to build solutions for clients and focusing on the needs of the customer will lead to successful innovation. Often the best ideas come from outside the R & D function and senior management in large companies need to facilitate ‘time to create.’ The CEO must be the driver and must instil a culture of continual change. At Cisco we have made it the cornerstone of our culture.”
Phil described how innovation can come in many forms and not just in the product. It can encompass sales, processes, business models, new channels and new markets.
“At Cisco we maximise the ‘wisdom of the crowd’. We share knowledge and ideas; we collaborate, discuss and assess the potential of ideas from throughout the company and our partners,” concluded Phil. “Innovation is pervasive throughout our organisation and is vital to our success.”
Sue Heddon
Heddon Communications
24 October 2007
