Innovating the Portfolio of the Future
Since the start of the pandemic, High Streets around the world have seen stores shutting down and beloved retail brands disappear. Although the pandemic has accelerated the changes in the market environment, it is not the only force that is pressuring established businesses to innovate and adapt to new market trends. Companies are constantly forced to focus on current developments while also identifying new markets to engage with their customers and creating new ways to deliver their products.
Unexpected challenges like the pandemic, push companies down one of two routes. Those that innovate, adapt and grow or those, who solely focus on the short-term protection of their core business, which, on a long term, often lead to a collapse.
Today, businesses must find the balance between cost cutting and driving productivity with new measures that drive innovation-led, longer term growth.
In this conversation with Michelle Whelan, UK CEO of VMLY&R Commerce, Liliana Caimacan discussed what she, as Head of Innovation at TATA Consumer Products, has learned from the pandemic and the opportunities she is taking from it. She shares her experiences from a high-pressure environment and the constant need to discover new innovations to remain relevant.
“As any business, you need to define and develop an ambidextrous business model.” What that entails, Liliana describes as the following: “It is very important to focus on the core of the business and keep it in good shape. […] Black tea is the core of our business […] and we’ve been under pressure to find new and innovative ways to engage with the consumers. Of course, you need to add that side of the business, which will drive growth in the future and develop the future core of your future portfolio. […] But not only this, it is very important as a business to look beyond, how to drive disruption and build a portfolio for the future.”