In the September issue
How to recruit through Social Media
Uber yourself before you get Kodaked
POPI and Medical Practices
Leading and staying focus
The SA Leader Magazine
Marketing Articles
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Moving to Mobile - Loyalty Programmes in 2014
There is no denying that customer loyalty programmes are big business, especiall... Read more
Localising content is not a licence to be…
Working with global brands often means localising content for the South African ... Read more
Emotional bond with customers crucial
Stakeholders, more often than not, rely on the corporate reputation of a company... Read more
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Corporate Social Responsibility makes good business sense
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New ways to achieve customer satisfaction
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Mapping Africa’s Mood
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FPB Multimedia Policy well-intentioned but threatens Freedom of Speech
Darryl Bernstein, Partner in Dispute Resolution of Baker & McKenzie South Africa says that the policy may be well-intentioned, however, will have unintended consequences regarding freedom of speech in South Africa. Read more
September 16, 2015
Cinemark walks away a winner at the 2015 MOST Awards
The 2015 MOST Awards, designed to recognise exceptional media agency and media owner sales teams, kicked off with a bang at the University of the Witwatersrand with Cinemark announced as the winner of the Best... Read more
September 11, 2015
Jumpstart your brand
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September 07, 2015
Reinventing retail at Beyond Retail 2015
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September 01, 2015
Make an impact on Small Business Friday
South Africans across the country are encouraged to show their support for small businesses through the new Shop Small Business and Small Business Friday movement – an initiative by the National Small Business Chamber (NSBC)... Read more
August 26, 2015
Social media customer care - who’s job is it?
Best practice tips for any business handling social media queries as part of the customer care process, by Bruce von Maltitz, Director of1Stream. Read more
August 25, 2015
Expos – not just for show
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August 25, 2015
Eurobest Opens for Entries
eurobest Jury Presidents Announced Awards open for entries with two new categories: Healthcare and Creative Effectiveness Read more
August 21, 2015
7 quick hints for using Periscope
Periscope, Twitter’s new Live Video Streaming App, opens a world of opportunity. Here’s a few hints and tricks for using Periscope to the best of its abilities. Read more
August 20, 2015
Stakeholder Day showcases how corporates and entrepreneurs are building a…
The Hope Factory, a reputable Enterprise and Supplier Development Non Profit Company is bringing corporates and entrepreneurs together during a Stakeholder Day at the Summerstrand Hotel in Port Elizabeth.The Hope Factory, part of the Nation... Read more
August 14, 2015
Bridging the gap between creative and business
A UCT Graduate School of Business programme - a first of its kind in South Africa and designed specifically with creatives in mind will bridge the much-needed gap between creative professionals and business. Read more
August 11, 2015
Saatchi & Saatchi Synergize Wins Global Business for P&G Brands
South African based digital search marketing specialist, Saatchi & Saatchi Synergize, has been appointed global search marketing provider for P&G’s Ariel detergent brand, for 25 countries. Read more
August 06, 2015
VIDI calls for local content submissions
VIDI has called on both professional and amateur producers of local video content to submit their work via the VIDI website for possible inclusion in the video-on-demand (VOD) service's South African content selection. Read more
August 04, 2015
What customers want
Study shows customer experience will overtake product and price as a key brand differentiator by 2020 Read more
July 30, 2015
Megatrends: Threats or Opportunities?
While businesses continually have to adapt and adjust to trends and challenges on a daily basis, many of these shifts take place on a local or regional scale. There are, however, what research group Frost... Read more
July 29, 2015
Eurobest Delegate Registration Opens and Creative Basecamp Launched
Cinemark, the local representatives of Cannes Lions and its affiliates, are passionate about both great film and advertising making this the perfect synergy to bring you the latest information from the world’s premier advertising festivals. Read more
July 29, 2015
South Africa’s top performing brand on Facebook is Jameson Irish Whiskey with a total Interaction Engagement Score of 159%. It is followed by credit card Visa in second position (124%) while retail chain Edgars ranks...
July 27, 2015
67 Minutes Initiative Launches to Connect Givers and Charities on…
67minutes, a new online platform aimed at supporting the Mandela Day initiative, to easily connect charities and organisations with those who want to give help, has launched just in time for Mandela Day. Read more
July 16, 2015
Excellerate Brand Management will take shoppers’ experiences at SA malls…
Excellerate Property Services has launched a new company, Excellerate Brand Management, which is set to take shopping malls, and our entire retail experience as consumers, into the future. Read more
July 15, 2015
Innovation the key to continued business success
Volatile business landscapes, unpredictable markets, complexity and competition are just some of the drivers that keep business leaders searching for innovative ways of doing business. Read more
July 13, 2015
Digital marketing is a key weapon in the executive business…
There’s no denying that the world is rapidly shifting from traditional to digital and, together with other global marketing audiences, South Africans are relying progressively more on digital content on a day to day basis.... Read more
July 08, 2015
Cannes Lions Announces Final Winners
Cinemark, the local representatives of Cannes Lions and its affiliates, are passionate about both great film and advertising making this the perfect synergy to bring you the latest information from the world’s premier advertising festivals. Read more
June 29, 2015
Richard Curtis & Sir John Hegarty to Unveil ‘First Ever…
Cinemark, the local representatives of Cannes Lions, its affiliates and member of SAWA, are passionate about both great film and advertising making this the perfect synergy to bring you the latest information from the festivals... Read more
June 24, 2015
Greatstock secures rights to use ‘Rumble in the Jungle’ footage…
To break through the sea of advertising clutter, a television commercial needs an amazing story or legendary characters – or both. Sanlam’s new Wealthsmiths commercial takes viewers back to the scene of ‘The Rumble in the Jungle’, vividly recounting the... Read more
June 18, 2015
Unlocking Customer Equity with Valuable Content
Since when did advertising ever retain customers? The age of intrusion has conditioned marketers into believing that bombarding consumers with annoying, pushy and often irrelevant messages will create the promise of healthy sales. In fact... Read more
June 13, 2015
Record Entries into Cannes Lions
Over 40,000 submitted across the Festival Cinemark, the local representatives of Cannes Lions and its affiliates, are passionate about both great film and advertising making this the perfect synergy to bring you the latest information from... Read more
June 11, 2015
Brands that have grown by connecting with African attitudes
In our recently released white paper, African Attitudes: Marketing beyond the numbers, we explore the most prevalent attitudes of consumers across the continent and offer the psychographic segments that marketers will encounter in every African market... Read more
June 11, 2015
Agency challenges the confines of conventional job hiring
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June 05, 2015
SAB Foundation Social Innovation Awards (entries close 01 June 2015)
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May 21, 2015
SA organisations need a special brand of project manager to…
Business-focused project management can help business extract more value from their projects in tough times. Read more
May 19, 2015
VIDI Partners with Vodacom & Samsung-App ONTV for Greater Viewing…
Pay easier, watch better, win more! VIDI, South Africa's first - and best - on demand video streaming service has tied-up with Vodacom to make paying easier. So, as a subscriber, if you are tired of... Read more
May 18, 2015
Calling all entrepreneurs
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May 14, 2015
Rethink your role as a marketer and fast!
The growing complexity of the marketing role places a huge burden on marketing leaders. Quinton Pienaar, CEO of Agilitude, a Salesforce reseller in Africa, and a customer experience evangelist, says that it is very clear... Read more
May 12, 2015
GIBS Annual CareerExpo aimed at both learners and educators expected…
The Gordon Institute of Business Science (GIBS) will once again be hosting its annual GIBS CareerExpo on Saturday, 9 May at its Illovo campus in Sandton. To be held in partnership with MTN, the CareerExpo... Read more
May 07, 2015
VWV Selects New Group of Students for Phakama Class of…
Award-winning brand experience agency VWV has announced that the Phakama Class of 2015 has been selected. A final tally of 32 second and third year students were carefully chosen to participate in the innovative CSI... Read more
May 07, 2015
Nominate successful business women for the Businesswoman of the Year…
The Businesswomen’s Association of South Africa (BWASA) announced that nominations for their annual Businesswoman of the Year Awards (BWOYA) will be closing on Monday, 11th May 2015 at 12h00. BWOYA, now in its 36th year, awards the... Read more
April 23, 2015
The Matrix, The Mummy and much, much more on VIDI…
VIDI, South Africa’s premier video on demand entertainment service, has lined up some fabulous new releases for June including the trilogy of two of Hollywood's most successful franchises - The Matrix and The Mummy. Read more
April 20, 2015
Retailers Investing Heavily in Omni-Channel Selling — But Where Are…
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April 17, 2015
Deadline for 2015 Cinemark Young Lions competition looms
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April 15, 2015
Mind the customer engagement gap
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April 14, 2015
Cannes Lions International Festival of Creativity - Now is the…
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April 07, 2015
Teaching business success in emerging markets
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April 07, 2015
Young Lions 2015 registration now open
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April 01, 2015
Shape your future with Cannes Lions & the Young Creative…
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March 30, 2015
MTN Business launches services that will host SMEs securely on…
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March 23, 2015
Vice President Gore Honoured with Cannes LionHeart Award
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March 23, 2015
OLX Launches new website with added technology
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March 09, 2015
Lions Innovation to explore data, tech, ideas…and space
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March 09, 2015
Eight South African creatives take their expertise to the judging…
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February 19, 2015
VWV continues to invest in the development of women
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February 19, 2015
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July 28, 2014
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Innovation the key to continued business success
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- Category: Marketing & Media News
- Created on Monday, 13 July 2015 12:52
- By University of Stellenbosch Business School
Volatile business landscapes, unpredictable markets, complexity and competition are just some of the drivers that keep business leaders searching for innovative ways of doing business.
However, says Awie Vlok, lecturer in innovation management at the University of Stellenbosch Business School (USB), according to the 2014-15 Global Competitiveness Report, endorsed by the World Economic Forum, South Africa's ranking has dropped three places, from 53 to 56, and innovation four places, from 39 to 43 out of 144 countries.
“While our capacity for innovation has improved from 4.1 to 4.3 on a seven-point scale, our companies’ spending on research and development has dropped from 3.5 to 3.4. For 96% of our executives, innovation is increasingly becoming a global game, in which merging and combining talents, ideas, insights and resources across the world is the only way to be successfully innovative.
“These ratings show that 91% of South African business executives see innovation as a strategic priority for their businesses and 81% would use innovation to improve their existing products and services. A stronger entrepreneurial culture in education systems (58%) and better alignment of student curricula with the needs of business (56%) are needed in the South African context. Collaborative innovation is a priority for 94% of South African executives, while 93% believe SMEs and individuals can be as innovative as large companies."
Prof Jamie Anderson, a strategic management expert from Belgium who recently spoke at the USB, distinguishes between innovation and creativity. He describes creativity as the ability to develop new ideas and to discover new ways of looking at problems and opportunities, and innovation as the ability to apply creative solutions to problems and opportunities.
Prof Anderson says there should be greater focus on fostering individual and collective creativity. “Leaders individually must get in touch with their own creative thinking skills in order to make sense of and deal with complexity. Rather than to develop skills for the ‘management of creativity’ (a control mind-set), organisations must develop creative leaders – people who promote and acknowledge creative thinking as an important everyday practice.”
Vlok, who is currently working on his PhD in innovation at USB, says thinking about thinking is vital for innovation. "We differ in terms of our functional orientations – our financial managers think like financial managers, our engineers think like engineers. Innovation starts when our particular mould is no longer adequate for a given situation and we realise that a new perspective is needed. The innovation orientations of people also play a role. Some like to come up with ideas while others would rather build on someone else's ideas; some like risk-taking while others would rather avoid risk, some like to initiate innovation while others would rather follow someone else's process."
Vlok believes innovation is now needed more than ever for sustainable business.
"Most managers today experience innovation drivers. These include the speed and magnitude of a changing business landscape, lower entry barriers allowing more competition, the availability of more offerings giving customers greater choice, customers becoming increasingly sophisticated and demanding, growing competition for scarce, value-creating resources, climate change, growing populations, socio-economic challenges and geo-economic power shifts."
According to Vlok, surveys have found that managers know they need to become much more serious about innovation. However, over 50% of them are not sure what they should do differently to increase their innovation performance.
"The innovation economy is introducing a new game. The rules of the game are changing and the players require new skills to feature in the new game. Innovation benchmarking reports suggest that our region has much to celebrate but we need to improve our innovation through education, a stronger science base and collaboration."
However, there is one major barrier hampering innovation. "Ego is the biggest killer of innovation and sometimes the ‘innovation ego-system’ disempowers the ‘innovation ecosystem’.
"In the knowledge economy it is important to know your strengths but also to always be open to new input. This becomes much easier when leaders accept that they do not have all the answers. We can learn so much from each other and from countries like Finland and Singapore which have results to show and practices to support their intent. We can also establish learning platforms for leaders, expose them to new methods and thinking, solicit greater scholarly involvement in innovation value chains and deliberately bring science and business graduates together."
Innovation is a multi-disciplinary field, and Vlok is of the opinion that academic exposure to different perspectives presented at business school level would help business professionals relate to other disciplines and understand important relations that work together to achieve innovation.
"The pace of new developments and the complexity of issues require continuous learning, which is one of the fundamental truths about innovation. More business schools and executive education providers are offering new learning opportunities on strategic innovation, foresight-driven innovation, design thinking in innovation, social innovation and technology road mapping. In recent years, there has been a significant increase in scholarly innovation publications.
"USB has taken a portfolio perspective to cater for different audiences. The MBA focuses on multi-disciplinary and conceptual integration and critical thinking at strategic or policy level. USB's new postgraduate diploma in business management and administration includes a full module on innovation which covers theory and practical tools for real-world settings. Actionable learning insights include awareness of where to focus innovation, who to engage and how to craft processes for innovation results."