Friday, March 9, 2018

The Monthly “Lesson Learned”: Innovation Pitfalls Mar, 2018

 Digital innovation has an expanded scope and innovation is benefiting the widest audience of the digital ecosystem. 

Digital makes a significant impact on every aspect of the business from people, process to technology, both horizontally and vertically. Digital becomes the very fabric of high performing business, being outside-in and customer-centric is the new mantra for forward-looking and high mature digital organizations today. Digitalization is the thorny journey and innovation management is both art and science. What are the pitfalls on the way?

                 Innovation Pitfalls  

Three “Do Not” in Digital Innovation? Innovation involves new ways of bringing together ideas and resources to create something novel and then transform those novel ideas to achieve the business value. It's obvious that innovation is being pursued now more than ever, and in fact, we see much more innovation in more and more areas of the business landscapes. Digital innovation has an expanded scope and innovation is benefiting the widest audience of the digital ecosystem. Still, there is the high percentage of failure rate for innovation management, and innovation success rate is not always proportional to how much money you pour in. Innovation is more science than art in the digital era though. Here are three “Do Not” in digital innovation.

Three Barriers To Innovation and Digital Maturity? Digital paradigm means holism, hyper-connectivity, integration, interdependence, and innovation. Digital transformation is the journey for solving problems caused by "Conflict," "Out of Balance," “Lack of Logic,” or “Too much complexity.” Therefore, it is critical to break through the industrial constraints and limitations, overcome roadblocks to change and digitalization, and improve the overall business responsiveness and maturity. Here are three barriers businesses must overcome in order to accelerate the digital paradigm shift.

Three “DO NOT” in IT Innovation In the rapidly evolving digital businesses and economic systems, the creation of new innovations is very complex but critical for firms' survival and thriving. Information is the lifeblood of the modern business and technology is the disruptive force behind the digital transformation. Contemporary IT organization should be run as the innovation engine of the company, it is the thorny journey because there are many roadblocks on the way.

Leaping Innovation via Overcoming Roadblocks Digital is the age of innovation. From the management perspective, innovation is how to transform novel ideas to achieve its business value, and innovation is what leads to differentiation. Due to the hyper-complexity of modern businesses, innovation is essentially about reducing the unnecessary business complexity to tackle the complexities of business dynamic. Innovation management has an overall very low success rate. So, what are the roadblocks to cause innovation failure, and how to overcome them in achieving the high-expected result from innovation management?

The Achilles Heel of Innovation Management Businesses today face fiery competition and rapid digital shift either technologically or economically. Most of the organizations are focusing on improving margins by reducing the bottom-line cost rather than top-line growth; because innovation and risk are proportional, also because very few organizations can master innovation and generally it has a very low success rate. So what is the Achilles Heel of innovation management? And how can organizations improve their innovation capability and reap more business benefit from it?

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