Wednesday, June 28, 2017

The Next Cycle of Digital Innovation Management

Being a digital master means that you are an innovator or mastering on rising the learning curve, raising the speed, and managing your innovation life cycle systematically

Innovations in the digital era are coming at seemingly much fast space, with changes and potential disruptions, and therefore, innovation management also becomes more complex and dynamic. Often, in traditional organizations, corporate innovation stagnation is caused by overly rigid organizational structure, change inertia, too much focusing on incremental innovation and maintenance, and internal metrics discouraging the long-term innovation as well. How can organizations fine-tune their business elements, build a dynamic strategy to accelerate the next cycle of digital innovation management?




Take innovative approaches to deal with the right problems and the future issues: Innovation is the mechanism through which you grow and evolve something to something better or something new. Digital lifts the business and world to the next level of innovation era. The difference between the digital leaders and the digital laggards in the marketplace is not determined by their respective capacities of efficiently solving existing problems with the old logic, but by having the differentiated innovation capability to effectively identify, frame, and deal with the right problems, or the future issues through the new lenses with the alternative solutions. Innovation is no longer just happening as a serendipity, it becomes a differentiated business capability to adapt to the digital new normal. Of course, the challenge is in knowing how to place some sort of value on innovation and that is hard to do in advance, and it helps to assure that the results of innovative approach will have a positive impact on customers, partners, end users, and the marketplace. Breakthrough innovation is risky, but it also brings the business great opportunities to reinvent itself, solve the future issues with long term perspectives. If shareholders valued innovation more, and then, they would value companies that devote more resources toward future innovation more than those that optimize short term profits.


Accelerating the speed to innovate with the shortened innovation management life cycle: Innovation, as an individual process or collective process helps people or the organization adapt, improve, grow, integrate, and thrive. With increasing speed of changes, innovation management life cycle is shortened and innovation capability is dynamic. It's about to have a purpose such as, stay ahead of competition in the innovation delivery process. It's about creating a flexible structure that delivers what your need with speed. It's about to be able to get all the way around the task, to see it from all interests. So how well the organization management innovation is based on the varying factors, such as the speed of decision-making, the attitude toward risk, how effective for the allocation of resources; what’s the altitude of innovation impact and the aptitude to manage innovation; how efficient of the innovation processes or lack thereof; when to follow the digital principles, and when to break rules., etc. Corporate environments with the right set of tools, structures, and mentalities, are better equipped to generate innovation within themselves, by allocating time and resource to the people in charge.  


Information as one of the most time intensive pieces to the innovation puzzle: Compared to the industrial age with the scarcity of information, digital is the era with information abundance. In fact, information is one of the most time intensive pieces to the innovation puzzle, because innovations happen at the intersection of people and IT, customers and business. The original germ of a creative idea is often, if not always arrived at through the interaction of ideas from different domains of thought and experience, or information flow without boundary. Information is growing exponentially and it is humanly impossible to explore all of the "art" out there around a subject or technology. There are some critical pieces of information needed for accelerating idea validation such as facts about business ideas, definition, benefits and shortcomings, applications, and competing technologies, as well as manage innovation flow effectively. Digital organizations as the information hub can become the hotbed to nurture and incubate great ideas, to design robust, but not overly rigid processes, and dynamic capability for idea creation, selection, prioritization, and overall innovation management.


To start the next cycle of digital innovation management, businesses just have to learn from experimenting, amplify the best practices, cultivate innovative climate, and improve innovation management success rate. Not every innovative company or individual is a digital master yet, being a digital master means that you are an innovator or mastering on managing your innovation life cycle systematically. And hopefully the firm can manage the next cycle of digital innovation and executes in a manner that provides sustained competitive advantage.

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