Initiativeofinnovation

Innovation has to connect the wider dots within the business ecosystem to generate novel ideas and implement them smoothly.

Innovation has differentiated value; it’s the essence of evolution. It takes vision, empathy, and understanding to drive innovation effort. It’s critical to look deeply into the future which can have a profound effect on where you go, and how you get there to amplify innovation impact.

In reality, many companies that seem to be going through a period of introspection believe that they already implicitly understand the nature of innovation. But they can perhaps manage a few innovation initiatives only. How to take the systematic approach to manage resources, bridge talent gaps, build culture of innovation and shape the business level of innovation capability cohesively?

Look at new sources of value that haven't been tapped before: Generally speaking, innovation is about transforming great ideas to achieve their commercial value. To keep relevant and build competitive advantage, organizations need to continue innovating, discovering their hidden value, or untapped potential, etc. Organizations are systems that demonstrate diverse forms of values such as employee value, customer value, partnership value, societal value, etc. The innovation management needs to be driven by concepts such as collective advantage with multilayer return on investments, and multifaceted value proposition, etc.

Nowadays, to unleash the full potential of the business, look at new sources of untapped value, develop professional or collective innovation parameters, create the alternative value index-comprising multidimensional value lenses. It’s critical to understand and assess the total value of people (Quality, Creativity, and Productivity, etc.), bringing to a business, now and in the future via expanded lenses, discovering and unleashing hidden culture value, refine those raw gems into the differentiated business advantage.

Reward innovation activities and gain lessons learned from failure: Innovation is a process, with diverse pathways to create differentiated business advantage. There are many human links within the innovation phases and usually implemented in teams. Today, creativity is the most needed professional quality, innovators are in demand to rejuvenate corporate culture and make differences. What inspires and motivates many innovators is the passion for thinking differently, learning new things and solving problems alternatively.

Innovation is risky, and surely risk-taking should be supported, morally at least; the entire process area needs some oversight to make it not be a major business disruption. The culture of innovation starts with a culture of participation because employee engagement in the innovation process increases participation. If the innovation effort fails, make the effort a "lessons learned" exercise to share. The innovation logic here is that you reward people for exploring new possibilities, and generating unique value successfully; encourage risk-taking to build a culture of innovation.

Innovation needs an appropriate level of guidance and the right kind of governance to thrive: Companies compete on innovation, regardless of how long they have been in business. Innovation is doing something better than it currently is. The more disruptive the innovation is, the greater the risk would be. Innovation needs governance discipline, not to put control or restriction only, but to enable, guide, optimize, monitor when things are not going to plan so that you can take appropriate action at the right time to improve the innovation success rate.

Innovation governance is the best part of an innovation strategy that eliminates bureaucracy, increases intelligence, and enforces accountability. Hence, it requires a sound and competent understanding of what is currently being done, and how to improve innovation effectiveness and efficiency. Sound governance is part of eliminating risk and doing the right thing. Look at innovation and governance as a continuum ro improve innovation excellence.

Innovation has to connect the wider dots within the business ecosystem to generate novel ideas and implement them smoothly. Companies have to be prepared to lose some to gain more for the longer term, develop the right dose of risk appetite, in order to drive structurel innovation in today’s fast-changing business world, and harness the power of ecosystems.

Posted in: Innovation