No matter how the future eventually turns out to be, companies would do wisely to use innovation to build or reinforce their competitive advantage. The strongest businesses, after all, often actually benefit from a recession as there’s less competition and everything needed to fuel growth tends to be much cheaper.
As the role of both technology and customer centricity continue to become more important and the society grows ever more connected, the ecosystem most companies operate in has become highly complex.
We simply have to accept that the boss no longer has all the answers and find ways to take this into account in our decision-making.
The solution is what the founder of Bridgewater Associates, the largest and most successful hedge fund in history, Ray Dalio calls an “idea meritocracy” in his book Principles: Life and Work.
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