Sunday, August 14, 2016

Three Core Principles in Accelerating Digital Innovation

Innovation comes from the Latin, "Innovare" - It means to change or alter things that already exist.

Innovation is the specific phenomenon of the knowledge-based economy. It is about having new knowledge and new processes. It is also about too much knowledge in terms of too many good creative ideas and too little available resources. Innovation is about prioritization as well - via a systematic discipline that can "smell" the right idea at the right time and place, make it tangible, and achieve its business values.

Embracing cognitive differences: People consciously or subconsciously protect their status quo. To be truly creative means challenging conventional wisdom and beliefs. It is likely that if you are creative, you will challenge the status quo as you push the parameters of the norms of life. To spark creativity and slow the seeds of innovation, inclusiveness is a necessity. Organizations with a command type of organizational culture indifferent to external innovations and have innovation inertia. How to build a creative team and the associated issues are a matter of the corporate culture building and leadership effectiveness. The team’s creativity is amplified via talented people with the cognitive difference who can understand things from different angles and bring new perspectives to the table. It is also not only a synchronizing of their individual inputs to make something that no one individual would achieve. It is more than that. It has its own dynamic that is in a state of constant flux. Hence, the exercise of blending people's problem-solving abilities to produce the desired outcome is a worthwhile thing to do. Further, most creative working environment and innovative organizations with real teamwork are headed by innovative and strong leaders with original ideas. The spirit comes from the top. The team's creativity is also inspired and motivated by such leaders, who can see, understand and appreciate the merits of different people and true inclusiveness.  

Harness Customer Centricity: Innovation is about transforming novel ideas and achieving its business value. Digital is the age of the customer. Customer-centric innovation is one of the focal points for digital organizations to thrive. The purpose of business is to create customers. Customer must be willing to pay for it, be it a product, process or service innovation. It must prove its value in the market. Listen to customers and involve them in the innovation process to gain insight and empathy. When managing the innovation life cycle, customer involvement at all stages often elicits highly valuable information. Customers perhaps not always know what they want for the next products or services, but they surely can provide insight into the goals, processes, and their contextual feedback is invaluable. Furthermore, Deep understanding of the user through empathetic observation with the innovator using a more inductive approach as to what the customer wants to accomplish “next.” Hence, customers are one of the most important links in the innovation process. And harnessing customer-centricity is one of the core principles for digital innovation management.

Stay focus via prioritization Setting: Innovation is a disciplined approach to discovering and building opportunities in creating new meaningful sources of value to targeted users. With explosive information and continual digital disruptions, limited resources and fierce competitions, it’s important to build business innovation strength and capabilities via prioritizing resources, managing risks with a portfolio management approach. Building a balanced innovation portfolio is a practical approach for optimizing resource and improving risk intelligence. Innovation is a sustainable and scalable way that can be learned and practiced. Leveraging tailored tools in effective innovation management is important to improve its success rate. The organizations with the healthy innovation appetites, systematic innovation management approach with prioritization mechanism, and tailored innovation next practices will enjoy the balanced innovation portfolio with well-mixed radical innovation and incremental innovation projects, to maximize the business value and improve its innovation management success rate.

At the individual level, people have their own unique ways to spark creativity; at the organizational level, the business’s innovation capability should be built via experimentation and taking systematic approaches. It’s important to set up a team with cognitive differences, and its team members can proactively stimulate the new energy of fresh thinking. Even innovation management processes are systematic, innovation is also an “anti-status quo” flow, the processes shouldn’t be too rigid to stifle innovation, but setting the right priority and laser focus on the most critical things which can make a difference to delight customers and innovate businesses at the dawn of the Digital Era.


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