Monday, October 1, 2018

The Monthly “Unpuzzling Innovation” Book Tuning: The Breadth and Depth of Digital Innovation Oct. 2018

Innovation is an experimenting, exploration, production, adoption, assimilation, and exploitation of value-added novelty in business, economic and social spheres. 

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. Digital Master refers to those high-performing, highly innovative and high-mature (less than 15%) digital organizations; at the individual level, Digital Masters are those cross-generational digital professionals who are equipped with the advanced digital minds and build a unique set of digital capabilities. Talking about 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 are a lot of confusions about innovation and there is no magic sauce to guarantee its success. Innovation is not serendipity, but a discipline. Here are the breadth and depth of digital innovation.


          The Breadth and Depth of Digital Innovation  

Depth + Breadth = Probability for Digital Innovation Innovation is how to transform novel ideas to achieve their business value. Innovation has to result in something which leads us to a better state than where we are today. Innovations in the digital era are coming at seemingly much fast space, with changes and potential disruptions. With well-educated digital workforce today, it's obvious that innovation is being pursued now more than ever. In the business setting, innovation is the development of a new combination of available resources, in a way that solves real-world problems in a more suitable way. Due to the fact that innovating in today’s digital world has become increasingly complex in nature, it’s important to gain an in-depth understanding of business issues as well as have the interdisciplinary knowledge to connect the dots for sparking innovation. Depth + Breadth = Probability for digital innovation.

How to Develop the Digital Innovation Scenario With the overwhelming growth of information and continuous changes and disruptions, organizations just have to get used to the new normal and learn how to deal with them proactively. To stay competitive, innovation becomes the light every organization is chasing to overcome the challenges. However, innovation is overused and misused by many, obsessively filling all presentations. Sometimes innovation has even become a buzzword to the point that those who truly understand it cannot get the real message out through the "hype" and truly implement innovative changes. To develop innovation as the differentiated competency, companies must go beyond experimenting with innovation and commit to taking a systematic scenario to explore innovation in its digital ecosystem for achieving high-value business results.

Apply Different Approaches to Broaden the “Innovation Scope” Innovation is an experimenting, exploration, production, adoption, assimilation, and exploitation of value-added novelty in business, economic and social spheres. Innovation is the business’s unique capability to gain a competitive advantage in the face of fierce competitions and business dynamic today. There are many ways to differentiate and, therefore, there are many ways to pursue innovation. Here are three perspectives of broadening the “innovation scope” of the digital organization.

Riding Above Innovation Curves to Reach the New Horizon of DigitalizationThe definition of innovation is just so simple, to gain benefit by doing something different. The flashes of inspiration we now see in retrospect as groundbreaking inventions or innovations were driven by people not only far-sighted but determined to make their ideas succeed. At the organizational level, having innovation curve awareness means that innovation leaders need to understand that working in an innovation garden not only takes passion but also needs the process and hard work to rise above the learning curve by figuring out many “Hows,” in order to improve innovation success rate and reach the new horizon of digitalization.

Three Complementary Elements of Innovation Innovation - the practical application of creativity is essentially about problem-solving at various levels; and to solve a problem implies a wish to make something, or everything, better. In a fundamental view, innovation is a process and every process needs to be managed. Some highly innovative organizations fail to capitalize on great ideas because there was no structure in place to manage the ideas and produce quality products/services. Here are three complementary elements of quality to improve innovation success rate from the management perspective.

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