Monday, September 5, 2022

Innovation

In order to crack the serendipity code of innovation, organizations should build a healthy working environment in which people are encouraged to think creatively, connect cross-disciplinary dots, brainstorm fresh ideas, and build competitive teams to accelerate innovation performance with consistency.

With exponential growth of information, constant disruptions and fierce competition, innovation is not just “nice to have,” but “must-have'' unique competency of contemporary businesses. A leading digital organization with innovation competency can handle innovation streams for different goals and different time frames, manage a balanced portfolio with both incremental and breakthrough innovation.

 Innovation is about connecting the unusual dots to spur great ideas; it is the sustainable and scalable way that can be learned and practiced to improve its success rate.

Innovation & adherence: The digital era upon us is about people and choices. Thanks to the unprecedented convenience brought by information and technology, people now enjoy alternative ways to learn, work, and take alternative ways to solve either professional or personal problems. Adherence has a few critical ingredients such as focus, passion, performance. Adherence glues up different business factors such as people, process, technology for building innovation competency, accelerating innovation performance by responding to environmental changes quickly, solving problems alternatively.

However, the overly strict adherence to static processes is neither wise nor effective; the business innovation management fails because sometimes organizations fixate on methods adherence and not use a wider and more pragmatic range of approaches and adaptations of fitting methodologies to manage innovation. Business leaders and strategists should identify core competencies, build robust business processes, embed change and feedback mechanisms into every aspect of the business, stay focused, and improve innovation performance.

Innovation & reciprocity: Due to an over-complex and ever-evolving environment, people and organizations are becoming more interdependent with each other. It’s important to build a working environment in which different stakeholders can find their role in initiating empathetic communications, engaging in creative activities proactively. Reciprocity works because of shared goals by incorporating competing and collaborating harmoniously to generate fresh ideas and implement them smoothly. People become more open to diverse viewpoints, connect the dots in the interdisciplinary domains, and take the unique path to innovate.

It’s the reciprocity that sets the tone of culture of trust; it's trust that is the key determinant of any collaborative effort for innovation. Reciprocal communications or actions are critical to deal with conflicts or advocate the fresh point of view constructively. To drive customer centric innovation, customers should always be involved. Building the reciprocal relationship between business and customers can take different propositions and approaches to a problem or a new interpretation to the circumstances.

Innovation & nimbleness:
We live in the “VUCA” new normal with varying characteristics such as diversification, ambiguity, unpredictability, nonlinearity. Nimbleness is about adaptability, flexibility, and resilience to push the boundaries of complexity that provides opportunities to grow, innovate, and create multifaceted value.

The nimble individuals are not restricted to rigid processes, but able to loose up and explore different ways to do things and explore innovation promptly. They are sophisticated enough to act intelligently; adaptable in the midst of adversity, threat and stress, and flexible enough to solve problems alternatively. In the organizational setting, to adapt to the increasing speed of changes, organizations have to become nimbler about refining information, updating technology, pursuing emerging innovation opportunities, and improving risk intelligence in a timely manner.

Innovation fails because everyone is talking about it instead of doing it collaboratively. Even if you have ample innovative ideas, it doesn’t guarantee innovation success due to the idea, communication, or execution gaps. For cracking the serendipity code of innovation, organizations should build a healthy working environment in which people are encouraged to think creatively, connect cross-disciplinary dots, brainstorm fresh ideas, and build competitive teams to accelerate innovation performance with consistency.

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