Sunday, March 5, 2017

The Monthly “Unpuzzling Innovation” Book Tuning: Open the New Chapter of Digital Innovation Mar. 2017

In essence, innovation is, "intentional novelty bringing sustainable benefit."

Digital is the age of innovation. And innovation is what leads to differentiation. There are many ways to differentiate and, therefore, there are many ways to pursue innovation. Talking of innovation is not new nowadays, everybody, every organization now is talking about innovation. It's been at or near the top of the business or economics agenda for a long time. However, there’re a lot of confusions about innovation and there is no magic sauce to guarantee its success. Back to basic, what is innovation, the more you look into this topic, the more difficult to give a definition of innovation, as it is such a broad topic? One of the good definitions of innovation is: "to transform the novel ideas into commercial success.” In essence, innovation is, "intentional novelty bringing sustainable benefit."

    Open the New Chapter of Digital Innovation

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 capabilities 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.

How to Manage the New Chapter of Digital Innovation? The world is becoming more hyper-connected with the latest digital technology advancement, are we ready to open the new chapter of digital innovation? Can we develop an approach which also places social, political and ethnic differences within a common framework to generate meaningful progress toward the next level of innovation? Is it possible to integrate the innovative concepts into a comprehensive approach that can generate intelligent solutions to the seemingly insurmountable large-scale problems? For example, how do you balance the partitioning of land and sea between man and nature? How can you use energy from sunlight to recycle all mass at the molecular scale locally? And if you were the Chief Innovation Officer in the organization or on the Earth, what’s your innovation agenda?

Management Innovation Innovation is the light every organization is pursuing, however, from the variety of industry studies, most companies renovate instead of innovating; what’s the underlining problems? Does that mean management innovation is perhaps the new angle to see through innovation management, as management innovation changes the way managers do what they do to improve organizational performance, where innovation is one of many management practices, but the critical one.

A Digital Innovation Ecosystem Innovation is changing to tackle the complexities of business dynamic, but within itself, it needs to change as well. There is a paradigm shift that is taking place in generating innovation and building a scalable innovation environment or innovation ecosystem.

Is Innovation Part of Strategy With technological advances, businesses large or small have pressure to become more innovative in order to out-beat competition at today’s hyper-competitive business dynamic. But what’s the best scenario to practice innovation management. Does strategy include innovation or is there any additional need for a separate innovation strategy?

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