Strategic Transformation and Innovation towards Blue Ocean Creation in a Changing Corporate Reality

The main scope of the paper is to underline the significance of change on a corporate level. Adapt and change is the cornerstone of survival in the industrial world. Everything is changing rapidly and companies need to understand that in order to survive and sustain their development they need to transform themselves. Innovating is the key towards transformation, thus change. In this literary review, the author tries to present the correlation between the strategic transformation and the innovation in the form of open innovation and customers as innovators with the creation of blue oceans. The author argues that nowadays when companies facing multiple challenges due to the globalization, they need to implement such strategic approaches in order to transform their business via incremental changes. Although this approach is not a panacea, it is imperative to underline that can clearly create a strong competitive advantage for the companies in question and can be the springboard towards growth and sustainable development. On the other hand, disruptive innovation can be the springboard towards such strategic implementation and can only be achieved via certain channels such as the customers as innovators and the open innovation approaches which although they are not widely spread nowadays, they can be the springboard towards a better future for the global economy. The correlation between such aspects and their implications in the companies' strategic approach it is a very controversial issue which needs a further investigation on the basis of a future research.