Tuesday, January 19, 2016

The Monthly Innovation Brief: Brainstorming Innovation Management Jan. 2016

Innovation is to transform the novel ideas to achieve its business value.

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Innovation takes a cycle of observing-questioning-connecting-networking-experimenting. From a management perspective, innovation is how to transform novel ideas to achieve its business value, due to the hyper-complexity of modern business. Innovation is essentially about reducing the unnecessary business complexity to tackle the complexities of business dynamic. Here is a series of blogs to brainstorm innovation management.

Brainstorming Innovation Management

Is Innovation management a waste? Innovation is to transform the novel ideas to achieve its business value. Innovation is not just about ideas or exchanging ideas, based on most of the innovation models, idea creation is only one step of the innovation process. Therefore, in a basic view, innovation is a process and every process needs to be managed. But what’s the best approach to managing innovation? And there is the deduced question: Can you transform an idea into sustainable benefit without IM?

How to Define, Evaluate and Implement Innovation? Innovation has different meanings depends on the industry, but the basic concept must be the same. In a nutshell, business innovations include new business models, work processes optimization, and new products/services design and delivery, a new marketing methodology, or a new organizational experiment in business practices, workplace structure or external relations. There are both breakthrough innovation and incremental innovation as well.

Can Money Buy Innovation: It is very important to recognize that innovation is an essential factor for a company success. Organizations need both: out of the box and in the box/core innovation; both breakthrough innovation and incremental and evolutionary innovation, how to accomplish this balance is a crucial issue for organizations. From innovation management perspective, what’re the resources and key success factors to lead innovation success, can money buy innovation?

Will Innovation Enhance or Distract you from Strategic Focus: Innovation is the light every organization is pursuing, however, some might complain it has distracted them from their strategic focus, because a company cannot have a clear focus on everything, innovating, bringing products to market and cutting cost/removing complexity to stay profitable. Are companies able to focus on more than one thing, should their primary focus be prosperity via innovation or maintaining a sustained business via efficiency?

How to base your new innovations on known customer needs? For most of organizations, innovation is still the serendipity, but being customer centric is the ultimate goals for those organizations, so how should you base your new product innovation on known customer needs?

How to Manage Innovation Complexity? Innovation is how to transform novel ideas to achieve its business value, due to the hyper-complexity of modern business, innovation is essentially about reducing the unnecessary business complexity. But from a management perspective, how to manage innovation complexity, though?

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