Sunday, August 6, 2017

The Monthly “Unpuzzling Innovation” Book Tuning: The Success Factors in Innovation Management Aug. 2017

Innovation needs to lay out different mindsets, structures, processes, capabilities to unleash its potential.

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."

       The Success Factors in Innovation Management

Three “I” Factors in Digital Innovation At the static industrial age, most organizations are focusing on improving margins by reducing the bottom-line cost rather than the top-line growth. For those organizations, innovations are still serendipitous. However, with increasing speed of changes and continuous digital disruptions, businesses today face fiery competitions and rapid digital shift either technologically or economically, innovation is no longer “nice to have,” but must have differentiated business capability. So, serendipity can be planned into innovation management. Forward-looking organizations take an evolutionary approach to manage innovation in a structural way.

Tuning Soft Elements in Innovation Management: Creativity is, by nature, unique to each person, it is an innate process to create novel ideas. Tuning Soft Elements in Innovation Management. Innovation is to manage novel ideas and generating business value from them. There is no template which you can apply and suddenly have a creative workforce. It has to be done slowly, patiently, and individually. That is why so many companies won't do it. There are both hard elements such as framework, processes or tools as well as soft elements woven together to orchestrate an innovation symphony.  

Three "C's in Building an innovative team  There are still full of serendipity in creativity: How many forms of creativity are there? How are they different? How are they similar? Isn't what makes them similar or different, also what makes them creativity? Creativity has many forms and manifestations. Take the standpoint that creativity has its starting point within an individual. Individual creativity is absolutely critical, but how to build a creative team to harness collective creativity?

Five “A”s in Innovation Management Digital is the age of innovation. The blurring border of the digital organization and its business ecosystem make the world hyper-connected, but also over-complex. Organizations today can no longer rely on a single individual or team to drive innovation. It often has to be managed in a structured way across the organizational scope and digital ecosystem. It is largely due to the fact that innovation in the digital dynamic has become increasingly complex in nature and expands its horizon for impact. Innovation needs to lay out different mindsets, structures, processes, capabilities to unleash its potential. There should be encouragement and involvement by management to spread the culture of innovation via five “A”s.

Three Elements in Innovative Leadership Creativity is the most wanted skill for digital professionals today, and innovative leadership is also in strong demand to bridge cognitive gaps, amplify collective creativity, inspire the culture of learning, and accelerate digital transformation. What are the top traits in innovative leadership, and how to cultivate more world-class innovative leaders?

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