Tuesday, June 7, 2016

Innovation Brief: Innovation as Core Business Capability

 Innovation becomes simply "creating value by solving simple or complex problems." as a core business capability.

Innovation takes a cycle of observing-questioning-connecting-networking-experimenting. From the 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 as a core capability.

Innovation as Core Business Capability  

Innovation as a Strategic Capability  Innovation becomes simply "creating value by solving simple or complex problems." Today, innovation can happen anywhere, anytime; it expands both horizontally and vertically. It’s the state of mind to think and do things from a new angle, it’s the business’s unique capability to gain a competitive advantage in the face of fierce competition and business dynamic. Generally speaking, innovation is to connect à solution to an unmet need, usually creating a win-win situation for both parties in term of value creation.

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 highly competitive organization with digital innovation premium?

Innovation Agility: How to Accelerating Idea Validation: Innovation agility is a critical business capability to manage innovation life cycle with speed. Idea validation is a crucial step in managing innovation with effectiveness and agility. The idea evaluation is a critical part of successful new product/business development. The basic goal of Idea Evaluation should be to quickly and thoughtfully weed out potential projects that are not a good fit for your particular business, so you can focus on the good ideas and commercialize its potential business values.  It is also an important aspect of innovation agility.

Running IT as an Innovation Engine in Digital Organizations: Organizations large or small are at the digital journey, and corporate IT is also shifting from a support center to an innovation engine, because more often information is the lifeblood, and technology is the disruptor to push the business world into the digital paradigm. Hence, for any forward-thinking organizations, IT mantra is shifting from “doing more with less,” to “doing more with innovation. But more specifically, how to run IT as an innovation engine to accelerate digital shift?

Can Corporate Do Disruptive Innovation: Fundamentally there are two types of innovations, incremental innovation, and disruptive innovation; on one side, many ambitious organizations have big plans to pursue disruptive innovation in creating exponential value for their businesses; on the other hand, it takes bigger risks to manage disruptive innovation, and therefore, it has very low success rate. Can corporate do disruptive innovation, and how?

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