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Innovation is a cycle of change fueled by learning through failure, which is uncomfortable for large organizations with sound operational practices. As we have recently experienced with the coronavirus pandemic and during the Great Recession of 2008, when the world is faced with sudden moments of change organizations can feel paralyzed; it's like a jolt that stops industry and redirects the attention of customers elsewhere. This is what we call a "Forced Innovation Cycle"; an unexpected shift in customer engagement and business process due to an uncontrollable outside event.
When this happens, organizations ask themselves "How do we reconnect with our customers?". Experience shows that organizations who are successful during economic turbulence are those that look inward and focus their teams on change management and strategies, products, and services that will respond to the new needs of their customers by meeting them where they are.