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In
the 20th century, a company
was measured by its business
IQ - business intelligence
quotient. In the 21st
century this is no longer
true. Rather, a company is
now measured by a new
business IQ - the
innovation quotient. A
company must constantly
innovate, bring new
products to market, have
new ideas, if it is to
thrive, grow, and
prosper. Anything
less will lead to the
decline and death of the
company.
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The
argument advanced in this
document is simple but
important. Innovation is the
cornerstone of a successful
company. Failure to innovate leads to
failure.
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For
all of its history, Loblaws
has been a company selling
food by using technology. In
the future, it must
transform itself into a
technology company that
sells food.
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Amazon Go - December 5, 2016 |
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The reasons are
easy to understand. Where WalMart was
once Loblaws fiercest competitor, in the
future, Amazon may become its
most-feared rival. With its massive
warehouses, fast shipping, wide
selection, and new technology, it wants
to take on the world. Loblaws must be
prepared and ready to meet the
challenge, because Amazon has no borders
and is ruthless in its pursuit of retail
domination.
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This means
Loblaws must adopt a new Innovation
Strategy that emphasizes the following
six points:
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The New
Innovation
Strategy: |
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The New
Customer-Centric
Model: |
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Culture |
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Customer |
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Colleague |
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Community |
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Corporation |
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This strategy
puts the customer at the centre of
attention. Everything we do must be
looked at from the customer's point
of view. Whether it is procurement,
marketing, store design, or service
levels, everything must be
considered as to the impact on the
customer. A happy customer is a
paying customer, and a happy
customer is a returning customer. We
must build stores that enhance the
customer experience, where the
customer discovers new products and
new ideas, make it fun to
shop, easy to shop, and rewarding to
shop in our stores. |
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The Human
Resources Model: |
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After the
customer, the
company will
place a renewed
emphasis on its
workforce. An
engaged,
motivated
colleague is the
least expensive
employee we
have. |
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The New
Technology
Model: |
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The
I
Symbol |
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includes: |
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1.
the
letter
"I" |
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2.Two
arrows
going
left
and
right
meant
to
mean
swipe
the
screen |
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3. A
welcoming
person |
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The
introduction
of
the
following
apps: |
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These
apps
are
meant
to
attract
the
younger
shopper
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the
under-30
shopper,
who
is
technology-savvy
but
time-constrained.
Since the beginning of time, customers have
shopped
in a
supermarket.
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Our
ultimate
goal
should
be
to
bring
the
supermarket
to
the
customer.
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