New Delhi [India], October 3 (ANI/Mediawire): In the wake of the COVID-19 pandemic, companies around the globe have realized the importance of digital transformation. The past few years have amplified customer demand for seamless online experiences, a trend that shows no signs of slowing. But making the jump to the digital space can be as risky as it is costly, and businesses are often left scratching their heads about which approach will yield the greatest ROI.
For many international brands, however, the path to digital transformation has shifted away from the traditional agency, project-based models towards a collaborative, team-based approach known as Co-Innovation. By thinking about innovation as both continuous and cooperative, brands have been taking a sustainable and efficient approach to strategic partnerships, organizational change, and talent acquisition necessary to achieve amazing results. This has empowered some of the world's most recognizable firms to reimagine how they can innovate to create engaging customer experiences and cement their position as category leaders.
A brief history of Co-Innovation
Co-Innovation, as described by digital transformation consultancy Bounteous, starts with a thoughtful approach to building the foundational framework for innovations. Instead of rushing through digital transformation, the "continuous" pillar of co-innovation dictates that brands innovate with a focus on the long game. Instead of short-term projects, Bounteous looks for clients who are dedicated to making long-term strategic investments in digital transformation and working towards high-level business goals.
The "collaborative" pillar of co-innovation talks about working together with the best teams, facilitating cross-functional communication and coworking, and finding partners to fill in gaps, supercharging existing talent with industry knowledge and technical expertise and digital strategy.
Its commitment to co-innovation has allowed Bounteous to partner with brands to unlock the full promise of digital transformation. As CEO Keith Schwartz explains in the Co-Innovation Manifesto, companies often think that they can fully outsource innovation, and those that try often find themselves part of the 84% of businesses whose transformations fail. To avoid this, aspiring innovators need to choose the right team members and partners and plan for long-term reinvention.
The global impact of co-innovation
For industry leaders around the globe, the principles of co-innovation have laid the foundation for sustainable digital transformation.
At the height of the pandemic, for instance, Bounteous partnered with the multinational CPG company Mars to "save" Halloween. Through co-innovation Mars transformed the traditional trick-or-treating experience by creating a virtual platform for families to redeem digital credits for real candy. The brand also displayed goodwill by delivering sharable boxes of Snickers directly to frontline workers. This strengthened Mars' ties to its customers through digital transformation at a time when conventional shopping was in disarray.
During this same period, Bounteous improved customer connection for Domino's Pizza of Canada and other fast casual chains by activating and revamping loyalty programs, and developing contactless order pickup systems. These insight-led decisions enabled businesses to keep their core business model intact and to use the digital environment to engage directly with consumers. The digitization of Domino's ordering process has been an integral part of their transformation that has powered the brand to greater equity gains over the last five years than juggernauts like Facebook and Nike.
More recently, in collaboration with Bounteous and the technology partner fabric, Chico's FAS has continued its journey towards becoming a digital-first retailer by building out its customer-friendly "Connected Commerce" platform, which includes cross-platform shopping and virtual-stylist options. Understanding digital transformation to be about more than just IT, Chico's FAS's Chief Digital Officer Jay Topper points out that co-innovation is allowing the company to "modernize our consumer experience" and "achieve new heights in our commerce channels, service channels and general Connected Commerce strategy."
Leading by example
Bounteous also applies the principles of co-innovation to its own operations. Because the consultancy knows that its continued success rests on its team members, the company continuously improves systems to help contributors realize their full potential. This includes giving employees opportunities to collaborate from anywhere--be it remotely or from in-person collaboration centers--and to meaningfully transform the company from within.
Bounteous's acquisition strategy exemplifies the approach of finding companies whose talent and experience align with the needs of its clients. Most recently, for example, Bounteous acquired the Chennai consultancy Lister Technologies, not to cut labour costs in the short-term, but because of its commitment to find stellar talent to support client needs, as well as expanding its international reach and growing by tapping into India's rich pool of digital talent. This is what it means to plan acquisitions to foster co-innovation and provide the best possible digital experiences.
Bounteous intends to continue its growth in Chennai and India to support those hoping to take charge of their futures and build their careers. Knowing the value of team members' knowledge, capabilities, and passions, Bounteous has created an environment in which every employee's unique assets are recognized, nurtured, and networked with those of others.
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