Monday, May 14, 2018

Folksonomy: Tap Innovation Potential

 Knowledge can be shared and creativity can be manifested in a collective environment.

Taxonomy is a scheme for organizing and classifying information, objects, forms, and other items. A folksonomy is a portmanteau word and a classification system determined by everyday people. It's like a taxonomy, only with "folks." When amplifying hyperconnected and interdependent business effect into a modern society, we revitalize our economy into folksonomy, it’s not just the expert economists to craft the economic strategy, it’s people - brainstorming together to reinvent digital business and create the new chapter of the economy through collective creativity and effort.

The collective wisdom and amplified creativity: The latest digital technology and platforms make knowledge sharing and collaboration effortlessly at large scale. The young generation, the natives of the Internet already find the digital economy nature; and the “digital immigrants” in between, know the world without the Internet, but also, catch up with learning the new technology and its implications. Those who acquire the culture of sharing and collaborating will simply outperform those who don't. The new digital technology is disruptive, it re-configures basic relations of production; it disrupts the balance of power. So the skills that made you successful in the past may not necessarily make you succeed in the new world if you do not continue to learn and build the next level of understanding and professional competency. The emerging digital era means flow - information flow, idea flow and it has its own dynamic which is a state of constant flux. It builds up a momentum that draws creative contributions from the participants that they did not previously conceive or understood they were capable of. The collective creativity is not just a sum of creative pieces; but a meaningful achievement for problem-solving, continuous improvement or breakthrough innovation.

Evolving digital ecosystem: Digital enterprise can embrace the business with its dynamic ecosystem seamlessly, the border-less social platform unleashes great potential for business partners, even the competitors at certain circumstances to collaborate and solve challenges facing the industry, and make the influence on the long-term policy and investment or any other social, political and economic concerns. In systems terms, transformational change often comes from outside and the great businesses will always be seeking and embracing the influences beyond their own company which is just the digital switch of the entire business ecosystem. Designing a digital organization, that is a socio-technical system with the order of magnitude more difficult than designing a "data-driven mechanistic system because you have to consider the purpose of the enterprise; the considerations of the purposes of the employees must also be met because the enterprise cannot fulfill its purpose without the employees. A good design guides the total enterprise ecosystem to either generate wealth for shareholders or generate prosperity of constituencies. Those well-designed organizations are experimenting, exploring, learning the lessons, and developing the best and next practices to embrace folksonomy.

Emerging open innovation: The idea behind open innovation is that the problem/challenge/brief is put out for anyone to apply or contribute. Folksonomy can tap innovation potential. Open innovation is more about the process - involving a wider stakeholder group, and everybody can vote and participate, to take advantage of folksonomy. It can involve bringing in ideas from outside -from wider user-community to drive features and understand the value-in-use of a product/service. You trust them and you both intend to learn and build knowledge. It can also involve close-coupled relationships between organizations - with the intent of exploring areas of learning that fit strategically for all parties. The point of open innovation is to increase the odds of finding the next great new idea. It is about ensuring that business has access to the maximum number of potentially good ideas for new innovative products. You will get different types of ideas internally and externally and if you want to profit from both of them, you have to have a good open innovation platform, program and culture ready.

The world is leapfrogging from taxonomy to folksonomy. Although many businesses just start experimenting enterprise platforms and tools, most of the business leaders show enthusiasm and confidence about the potential it can bring up in the future. Knowledge can be shared and creativity can be manifested in a collective environment. While the individual contributions perhaps provide the 'building blocks,' it is the collective consensus on what to do with them that is exciting with significant digital effect to accelerate digital paradigm shift.


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