By Cynthia Alo

The Institute of Directors (IoD), has stressed the need for organisations to embrace innovation for survival and to remain relevant in the future.

Speaking at the 2022 Fellows’ Luncheon in Lagos, President & Chairman of Council, IoD, Nigeria, Ije Jidenma, stated that innovation is crucial to the continuing success of any organisation.

According to her it enhances market position, increases sales and market share, reduces waste, saves cost as well as increases productivity, growth and profitability .

She stated: “As the business environment changes, driven by technological and social shifts, innovation is central to ensuring the development and growth as well as sustainability of organisations.

“Directors, as business leaders, must be futuristic in their outlook and come up with new and creative ideas for business to thrive in this highly competitive environment.”

Jidenma called on directors to play major roles, saying that they have the deepest understanding of the goals and motivations of businesses, the cultures and nuances of their operating markets, as well as a vested interest in the sustainability of the organisations.

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