Get in touch with KPMG Thailand
Many people at the event and afar took part by tweeting their questions, comments and ideas using a specific hashtag just for this event - #KPMGInnovation. All tweets that included #KPMGInnovation were displayed on the twitter wall, so participants could keep up with the conversation.
Key Themes on Twitter
- The time to focus on innovation is now. Allocating resources to encourage innovation and creative thinking is vital for all businesses and industries. Although KPMG might not be synonymous with innovation in the way high tech firms are, we consider innovation crucial to our success through growth and efficiency.
- The rate of change in the world is speeding up rapidly; innovation is key to not only business success, but survival. The average time companies will spend on the S&P index in 2025 will be 5 years (down from 15 years in 2011). That means all companies on the index now are either on the ascent or descent – they are either innovating or not. We’ve seen share prices fall for iconic brands like Kodak and Nokia because they failed to innovate. Conversely, innovation creates new demands – Nespresso pods for 5 times the price of instant Nescafe, anyone? The businesses that are still here in 2020 will be the ones that innovated to successfully navigate new market forces.
- Developing nations are uniquely positioned to innovate. In Thailand we have the benefit of understanding Asian markets close to home while also understanding the West, by being exposed to Western culture, attitudes and current events. On the other hand, not all Westerners are exposed to Asia. Additionally, the population boom in developing nations means more people, means more research, means more ideas, and means more innovation.
- The concept of innovation differs among cultures. Americans, who have significant creative confidence, consider the definition of innovation to be ‘a brand new idea.’ Japanese CEOs might say it means doing something better; increasing efficiency. In China, entrepreneurs build on existing ideas, copying, but also improving and localizing.
- What is creativity? Creativity is the ability to find a better way of doing something, and that is a skill needed in all industries. Not all creative ideas require a radical change. In fact, creative ideas are as simple as combining known things in new ways to make things better. Likewise, innovation can be a small idea to improve the way we work, whether it’s HR, IT processes, communication strategy or people management.
- What can business leaders do to promote creativity and increase innovation? Encouraging and embracing creativity supports business innovation and achieves tangible results. Dedicating time and resources to promoting creativity among each level in your organization can lead to innovation and tangible business results.