Saturday, August 26, 2017

Five “P” Factors in Digital Innovation Management

The success rate of innovation can be improved through assessing innovation maturity and continue to optimize these key success factors for innovation management more effectively.

Innovation can happen everywhere, it is our gift as humans, a great deal of what defines us as humans actually, whether there are new products, services, solutions, new sounds and music, the new way of reading and publishing, new ways of educating future of generations, etc. 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." Different organizations have their own “innovation strength.” The innovation-generating organization depends more heavily on its technological knowledge and market capabilities to develop and commercialize innovations. Here are five “P” traits in digital innovating management:

Perspective: Innovation is about exploring the new perspective and discovering the better way to do things. Perspective is looking at either heads or tails. A coin is an interesting metaphor as while your focus is on heads you cannot see tails and while looking at tails you cannot see heads. The secret lies in "imagining" a perspective of the whole coin as you aspire towards truth. Thus, to fuel creativity and inspire innovation, we should be open to new information or different viewpoints. Perspective is a personal " truth." What if our stance is wrong? It is ok to be wrong, as long as we learn, but holding on too tight to our perceived truth is the difference between power vs. force. Also, you don’t need to agree completely with the other side of viewpoint, but you can always gain empathy, insight, and new perspective to see things from the other angle and be creative to figure out alternative solutions. That is the beauty of being innovative.

Passion: Innovation evolves the full spectrum of emotions. Passion is an emotion, which is something that comes from within. Passion enables determination, creativity, strategy, and talent. Because passion fuels our imagination and triggers our creativity. A passion with a good positive chain of thoughts followed by positive actions often brings good results and leapfrogs progress. To develop creativity, it is important to be passionate about learning and growing, because the knowledge you absorbed can be abstracted into unique insight and developed into the skill for triggering innovativeness and problem-solving capability. Following the passion also requires a good sense of judgment that you are on a right path to becoming more innovative. Having a passion and building a career around that passion would certainly fuel creativity, align your focus and therefore potentially aiding you in greater success.

Probability and prioritization: Innovation is the mechanism through which you grow and evolve something to something better (higher value-add) or something new (mostly based on a combination or modification of previous attributes/approaches). Developing innovative ideas are one thing, execution is a whole different matter. Before ideation, companies need to discover insights. After ideation, companies need to filter, prototype and validate their ideas. Depth + ^Breadth = ^Probability for Innovation. Innovation, as an individual process or collective process, helps us adapt, improve, grow and integrate. Innovation management is about prioritization, a system that can “smell” the right idea at the right time and place, innovation is about having new knowledge and new processes to transform creative ideas to realize its business value. When looking at business/ organizations, the most powerful of these processes involves tapping the organization's ecosystem (people!) for the collective perspectives/insights of those who make up and know intimately their parts of the system.

Platform: A well-considered tool/platform for innovation, in the given culture, operating environment is important to manage innovation in a structural and scalable way to improve innovation success rate. Innovation Management includes policies, structure, and program that innovation managers can use to drive innovation. Remove any of the three, you're liable to fail. The appropriately configured innovation platform creates a scalable means for sharing and building ideas throughout the enterprise. The innovation platform needs to be the part of innovation management planning and implementation, to strengthen the innovation effort and success rate to the organization. The effectiveness of innovation platform can be evaluated on how it will effectively leverage diversity to create meaningfully unique ideas, how it will effectively use the power of stimulus to create meaningfully unique ideas, and how it helps to reduce fear and encourage creativity and idea sharing in the organization.

Process: Innovation processes are used to create, deliver and manage innovation. Innovation process has usually been defined with a wide-scope view. It’s critical to strike the right balance between ideation and execution part of the innovation process. Far too many innovation management experts excel in helping their organizations create ideas but come short in the other phase of innovation. The results of those ideas depend on the ability of the company to select the best ones, develop them and implement them. If you don't have Innovation Management process in place, it is substantially harder and less likely to be an innovative company for the long run. This means that your processes will be less safe and economic, products more expensive or with lower quality. A systematic innovation is a structured process and set of practical tools used to create or improve products/services/processes that deliver new value to customers or satisfy employees.

The success rate of innovation can be improved through assessing innovation maturity and continue to optimize these key success factors for innovation management more effectively. Hence, innovation leaders in different organizations and industries should embrace different perspective, be passionate, match their own needs to build their innovation strength, and fill their innovation toolbox with the tailored process, platforms, frameworks, and metrics to create a healthy innovation portfolio and manage innovation in a systematic way.


Post a Comment