# Fears of two-year shelf life has businesses struggling to innovate
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2018-05-02
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: Innovating for Success: Challenges and Opportunities Ahead
Meta Description: Survey reveals the need for constant innovation among digital companies to stay relevant, with challenges in execution and speed of bringing new ideas to
URL: https://financedigest.com/fears-of-two-year-shelf-life-has-businesses-struggling-to-innovatehtml

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Half of digital companies\* (49%) are worried that their biggest revenue-creating products and services will no longer be attractive to the market within two years, according to research by [Currencycloud](https://www.currencycloud.com/), the leading international payment platform.

In order to stay relevant, two thirds (60%) believe they must innovate constantly, reveals _Fostering [innovation:](https://www.financedigest.com/strategies-for-financial-institutions-to-foster-innovation.html) from [ideas](https://www.financedigest.com/flavio-strianese-helps-customers-with-software-solutions-at-striano.html) to action_, which surveyed 500 senior executives across UK and US digital businesses.

The findings show that, in spite of efforts to innovate, half (51%) of companies find it difficult to keep up with the pace of change in their industry. What’s more, nearly [half](https://www.financedigest.com/global-miner-anglo-americans-first-half-production-surges-42.html) of respondents (47%) believe they are frequently too slow in bringing new ideas to market.

Despite the lag in enthusiasm during development, a third (29%) of [businesses are able to turn innovations](https://www.financedigest.com/disruption-and-innovation-four-predictions-for-the-business-landscape-in-2016.html "DISRUPTION AND INNOVATION – FOUR PREDICTIONS FOR THE BUSINESS LANDSCAPE IN 2016") into growth, indicating that the ability to action new ideas has a significant part to play in driving success in the digital economy.

**Todd Latham, CMO and VP of Product at Currencycloud, commented:** “The pace of change today is so high that organisations simply can’t rest on their laurels. Our research finds that obsolescence is now a very real threat for organisations, so [innovation needs](https://www.financedigest.com/why-covid-has-increased-the-need-for-corporate-sustainability-innovation.html "Why COVID Has Increased the Need for Corporate Sustainability Innovation") to move from something that happens in R&D, to a core business competency.”

The [research found that coming up with innovative](https://www.financedigest.com/stretch-marks-treatment-market-insights-new-innovations-research-and-growth-factor-till-2025.html "Stretch Marks Treatment Market Insights, New Innovations, Research and Growth Factor till 2025") new ideas is less of a challenge for organisations than execution, with over half (54%) saying they struggle to turn ideas into reality. Yet, once an idea is off the ground it becomes harder again to [keep up momentum](https://www.financedigest.com/uk-housing-market-keeps-momentum-but-slowdown-ahead-halifax.html "UK housing market keeps momentum but slowdown ahead: Halifax"), according to half (50%) of the companies interviewed.

Partnerships with external organisations can offer [businesses a solution to bridging the gap between idea](https://www.financedigest.com/top-4-blockchain-business-ideas-for-2022.html "Top 4 Blockchain Business Ideas for 2022") and action by removing the need to do everything in-house. Almost two-thirds (59%) said that collaboration with external [parties can lead](https://www.financedigest.com/centre-right-gerb-party-leads-in-bulgaria-election-partial-results.html "Centre-right GERB party leads in Bulgaria election -partial results") to the best innovation.

**Todd continued:**“Digital [companies](https://www.financedigest.com/the-digital-ir-revolution-how-new-technology-is-bringing-companies-and-shareholders-closer-together.html "The digital IR revolution: how new technology is bringing companies and shareholders closer together") have kickstarted innovation in businesses, but thankfully we’re now past the David versus Goliath ‘disruption’ story. Technology-led innovation is epitomised by the platform economy, and in this world, innovation is all about rethinking how things work, combining the best components to [create brand new and exciting products and services](https://www.financedigest.com/veritone-launches-marvel-ai-a-complete-end-to-end-voice-as-a-service-solution-to-create-and-monetise-hyper-realistic-synthetic-voice-content-at-commercial-scale.html "Veritone Launches MARVEL.ai, a Complete End-to-End Voice-as-a-Service Solution, to Create and Monetise Hyper-Realistic Synthetic Voice Content at Commercial Scale"). Collaborating with others gives businesses the tools to [address some of the challenges](https://www.financedigest.com/rising-to-the-challenge-addressing-the-difficulties-of-pillar-2-reporting.html "Rising to the challenge: Addressing the difficulties of pillar 2 reporting") our research has highlighted, but also stay relevant in a busy business landscape.”


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