Lagos: Experts on Tuesday called on business leaders to prioritise fostering a culture of innovation to unlock their full potential and compete effectively in global markets. They gave this advice at the 2024 Management Day Lecture, held in Lagos.
According to News Agency of Nigeria, the event, themed ‘Innovation and Change Management: Fostering the Culture of Innovation in a Rapidly Evolving Business Environment’, provided a platform to address pressing management challenges. Mr Seni Adetu, Group Chief Executive Officer of First Primus and former Managing Director of Guinness Nigeria Plc, emphasised the urgency of this message, citing the global economic downturn and its impact on Nigeria. Adetu noted that shifting consumer expectations and rapid technological advancements underscored the need for businesses to embrace innovation.
“Innovation is critical for businesses as it drives economic growth, enhances competitiveness, addresses societal challenges, promotes sustainability, and attracts investments,”
he said. He outlined key measures for achieving sustainable innovation success, which include deep consumer insights, strategic partnerships for scalability, structured governance, among others. Adetu also emphasised that fostering a culture of innovation required leadership to set a clear vision, create a high-performance culture, and establish conditions for employees to thrive.
“Leaders must break barriers to organisational performance, embrace and manage change, remain agile, adapt to evolving circumstances, and lead by example,” he added. To successfully navigate the challenges of innovation and change management, Adetu advised businesses to encourage experimentation, celebrate failure, and empower employees.
“They must also prioritise effective change management, communicate clearly, involve stakeholders, provide training and support, and celebrate milestones,” he said. “Businesses need to address resistance to change, build trust, set clear objectives, track progress, and evaluate outcomes. Leadershi
p is crucial for executing strategies, enforcing consequence management, and taking calculated risks to enable businesses to thrive in global markets.”
Dr Christiana Atako, President of the Nigerian Institute of Management (NIM), noted the significance of Management Day as a platform to examine the challenges of management practices and proffer solutions for achieving excellence. Atako stressed that in today’s rapidly evolving business landscape, innovation had become the cornerstone of success.
“Organisations that prioritise innovation gain a competitive edge, as an innovative culture enables them to adapt swiftly to changing market conditions and seize emerging opportunities,” she said. “Innovation is the catalyst that propels businesses forward. Creating a culture of innovation within an organisation is a multifaceted endeavour requiring commitment and collaboration at all levels. It often stems from trial and error, where failures are viewed as valuable learning opportunities. It also thrives on bringin
g together individuals from diverse backgrounds, disciplines, and experiences.”
Atako further emphasised the importance of dedicating both financial and human resources to innovation initiatives, signalling that such investments are critical to long-term success. On change management, she described it as a systematic approach to transitioning individuals, teams, and organisations from a current state to a desired future state.
“It involves managing and supporting people through organisational changes while ensuring minimal disruption and maximum benefits,” Atako explained. She, however, acknowledged common challenges in change management, such as resistance to change, communication breakdowns, lack of leadership commitment, insufficient training and support, and cultural barriers.
“Fostering a culture of innovation and effective change management is essential for businesses to thrive in today’s rapidly evolving environment,” she added.