Friday, March 11, 2016

The Monthly Innovation Brief: The Practices and Pitfalls of Innovation Management Mar. 2016

Innovation is "the act or process of introducing new ideas, devices, or methods."

Innovation takes the 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 hyper-complexity of modern businesses, innovation is essentially about reducing the unnecessary business complexity to tackle the complexities of business dynamic. Here is a series of blogs to brainstorm the practices and pitfalls of innovation management.

The Practices and Pitfalls of Innovation Management

Digital Innovation Premium? Many say digital is the age of innovation. With the increasing speed of changes and hyper-fierce competitions, at present days, innovation is the “Must Have” element of the business strategy if the organization want to stay competitive on the market. Digital organizations are complex adaptive living systems, which are comprised, in part, of people who are also complex adaptive living systems, all such systems function, grow and prosper by continually learning, innovating, adapting and evolving. Creativity has just become indispensable, and innovation turns to be a competitive necessity. From a business management perspective, how to build a high competitive organization with digital innovation premium?

Three Elements in Innovative LeadershipLeadership is a key success factor for any organization's success. Due to the characteristics of "VUCA"-Velocity, Uncertainty, Complexity, and Ambiguity of the digital age, innovation is no long a “nice to have,” but “must have” business capability to keep growth momentum and adapt to changes. And the leadership in any organization must have the ability to guide, inspire, innovate, and motivate a group of people toward accomplishing shared visions and goals. What are important elements in innovative leadership though?

Innovation Agility Innovation is neither a serendipity nor a rigid process or discipline, there is no such universal way to do innovation as well. It’s always about connecting, questioning and collaborating. It’s the certain mix of something old and new, being prepared to change what you are doing. So what’re further aspects of innovation agility?

How to Overcome Innovation Challenges? Innovation is to manage novel ideas and generating business value from them. Even innovation is the light every organization is pursuing, but often the term "innovation" has become so diluted or meaning it is hard to have even a basic conversation about it without problems of definition or interpretation arising - and perhaps in part why all sort of things can feel like innovation - even if they are faking it. So which factors are causes of innovation failure, and how to survive from innovation fatigue and pitfalls?

What has Triggered Innovation?  The dictionary defines invention as 'a product of the imagination' and Innovation as "the act or process of introducing new ideas, devices, or methods." Everyone has, at least, one good idea that is capable of invention and innovation, great or small, manifested by overcoming that inner fear. And innovation does not just accidentally happen, it can be managed in more systematic way. But first you need to figure out: What triggers innovation?

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