Wednesday, October 10, 2018

The Monthly “Lesson Learned”: Innovation Pitfalls Oct. 2018

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

Why Does Innovation & Digitalization Stall? Change is inevitable with the faster pace, organizations today simply cannot stand still. Digitalization represents the next stage of business maturity which will improve how the enterprise works and interacts with its ecosystem, with the people at the center of its focus. Digitalization is “pushed” by both visible forces and invisible forces, hard forces and soft forces from multiple directions. However, sometimes the managers feel that digitalization gets stalled, goes nowhere, what’re the root causes? And how to rejuvenate the business culture, catalyze changes and accelerate digital transformation?

Three Symptoms of Innovation Blue?
Innovation at the digital age is coming at seemly a much faster pace, more change, and more potential disruption, with a broader scope, scale, and impact on the business’s surviving and thriving. However, innovation has a very low success rate, pay more attention to innovation blue, examine the causes of failure in innovation, the gaps and pitfalls on the way.

The New Book “100 Digital Pitfalls” Introduction Chapter Three: Innovation Pitfalls Innovation is about having new knowledge and processes to transform creative ideas to realize its business value. Innovation as an individual or collective process helps us adapt, improve, grow, and integrate. Innovation in the digital era is coming at seemly much faster space, innovation management also becomes more complex and dynamic.

Digital Innovation Bottlenecks? Digital innovation has the broader spectrum and more enriched context. Innovation is not serendipity, but a management process. Innovation has three phases: the discovery of a problem or new ideas; designing a prototype solution and the ultimate delivery of a commercially astute outcome. Therefore, the best point of view is to see innovation as a system, capable of delivering organizational-wide capability. However, innovation management has an overall very low success rate in the majority of organizations. From the management perspective, what are innovation bottlenecks and how to break them through in order to build innovation as the business competency?

What Should be Blamed for Lack of Digital Innovation Today, at the hyperconnected business ecosystem, innovation can happen anywhere, anytime, it expands both horizontally and vertically. Digital innovation today has a much broader spectrum and greater impact on business success. However, innovation is still the serendipity for most of the organizations that fumble in the dark, hard to reach the innovation light. Statistically, innovation has the very low success rate. Who & what should be blamed for lack of innovation? And how to reach the state of innovation abundance?
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