Insights on Including Innovation in Strategic Statements from GTB, Dangote, Coca-Cola, and Others

Companies, whether small or large, must answer two strategic issues that will decide their success or failure. What do they wish to become in particular? What do they need to accomplish in order to achieve their goals? The answers to these questions help every CEO, management, and employee achieve the company’s aims and objectives. The responses should be succinct, inspiring, clear, and memorable, expressing their (businesses’) desired short and long-term stance.

The first question’s response should lead to the creation of a strategic vision statement, while the second question’s response should lead to the creation of a mission statement. Time Thoughts recently suggested that the quality of vision impacts the creativity, quality, and originality of ideas and solutions, citing experts. A strong vision statement should push the company’s goals and objectives outside of its comfort zone.

Leaving comfort zone involves being innovative, taking chances, and continuing to learn in order to give consumers with acceptable and long-lasting solutions or products. Our analyst looked at how innovation is reflected in regional and global organizations’ vision and purpose statements to see how far they are breaking out of their comfort zones. Our goal is to learn how organizations in the oil and gas, banking, and aviation industries have connected their vision and mission statements with the innovation drive that 21st-century enterprises demand.

Guaranty Trust Bank, a commercial bank, is more innovation-driven and cultured than other organizations inside and across industries, according to the mission and vision indices our analyst devised and assessed, as well as the statements of the selected companies. Part of the bank’s vision statement says “We are a team driven to deliver the utmost in customer service.  We are synonymous with innovation, building excellence and superior financial performance and creating role models for society.”  This is part of the innovation ready risk-taking notion. Another section of the statement highlights the bank’s creativity and learning, both of which are important for the formation and adoption of an innovation culture.

The bank hints “We are a high-quality financial services provider with the urge to be the best at all times whilst adding value to all stakeholders.” Further analysis reveals that GTB’s innovation-driven and cultured characteristics are reflected in its mission and vision statements, whereas Dangote, Diamond, United Bank for Africa, Zenith Bank, Arik Air, First Bank, Oando, and Nigeria National Liquefied Natural Gas are not. Dangote and others are particularly sensitive to products/services, public image concerns, creativity, and employee and consumer concerns. According to a recent study, this could be attributed to the avalanche of papers that have appeared in recent years extolling the merits of delighting consumers and exhorting management to give them greater attention.

However, there are instances where the investigated innovation characteristics are not reflected in a firm’s vision and purpose statements, and such a corporation innovates more than innovation-driven companies. Coca-Cola is an example that quickly comes to mind. Because of the company’s commitment to sustainability, one-third of Coca-Cola cans are made from plant material. Regardless of the accomplishment, organizations such as Coca-Cola must make innovation a vital element in their strategic intent statements, as this will release employee creativity when it is part of an individual’s job responsibilities.