Friday, February 22, 2019

Awakening innovation and Unlocking Business Potential

Awakening innovation requires vision and passion. To create the new requires not just one skill, but many, not just old experience, but new perspectives.

Digital is the age of innovation. Innovation is what leads to differentiation. Talking about innovation is not new nowadays, everybody, every business now is talking about innovation. However, there are a lot of confusions about innovation. The majority of organizations still use innovation as a buzzword or treat innovation as serendipity. How to awaken innovation from the center of the business and unlock its full potential?

Disrupt the outdated systems, business models, processes, or practices: Organizations today are the mixed bag of old and new. There is a poor fit between the new business and the old system. Dysfunction, silo, complication, or rigidity are all barriers to business changes. Many leaders are trapped by conventional thinking and get stuck inside the familiar box which limits their knowledge and perspectives. Innovation is the most wanted change, to awaken innovation, “disruption” and “stimulation” makes sense, taking into consideration that many businesses seem not satisfied with the current circumstances that there are not enough innovations happen in their businesses. When systems are bad, silo thinking or bureaucracy are propagating, functional gaps are enlarged, you know some breakdowns are needed to stimulate innovation. When people are not working via the system to solve the real problems but play the system to stifle innovation or create frictions to changes, you acknowledge the system is dysfunctional; when systems beat good people every time, you know the systems are “bad,” and you know disruptions are necessary. When organizations only seek examples to follow, rather than develop their own tailored solutions to emerging problems; you can tell that the system has problems; when the system stifles innovation and decreases productivity, you know the system needs to be fixed. Some stimulations are needed such as fine-tuning organizational structures or processes, adopting powerful digital technologies, rejuvenating organizational cultures, or creating new business models. Disrupt and then reconstruct. The highly innovative companies usually have a powerful innovation navigation system which involves tapping the business ecosystem for a collective perspective and integrating critical business elements into innovation competency.

Practice corporate entrepreneurship: Corporate Entrepreneurship has been recognized as a potentially viable means for promoting and sustaining organizational performance, renewal and corporate competitiveness. To awakening innovation in the well-established organization, business leaders should think as an intrapreneur and act as a startup manager, communicate with people at the different level of business hierarchy as well as varying sharing holders, business partners, customers, etc, to understand their needs and collect feedback for sparking creative ideas, managing innovation and recharging business model from the business lens. The entrepreneurial activities help the business develop new businesses that create revenue streams, enhance a company’s success by promoting product, service, process, or business model innovations. Businesses need people who are passionate about exploring new opportunities to work at the heart of the enterprise to awaken innovation and build competitive business advantage. There are many ways to differentiate and, therefore, there are many ways to pursue innovation. Corporate Entrepreneurship activities can improve organizational growth and profitability and, depending on the company’s competitive environment, their impact may increase over time.

Spot innovators and develop the culture of creativity: Awakening and practicing innovation is about creating the future via learning, experimenting, and discovering. Employees should be encouraged to think out of the box, take reasonable risks, go beyond their defined roles and demonstrate intellectual capabilities to bring positive changes. Developing people’s innovative mindset and business innovation competency raise different "learning" issues that organizations must deal with smoothly. Creativity manifests in a collective environment, and there is no innovation without diversity. Highly creative people in the team or across the teams are collaborating, clarifying, building on each other's ideas, discovering nuances and building a highly innovative organization. Innovation requires fresh ideas, and fresh ideas require the Mavericks. Organizations should hire, retain, and recognize innovators who can help organizations catalyze the culture of creativity and create an optimal environment for innovation. In an ideal digital working environment, self-motivated leaders, teams, and employees have the passion to make things happening, catalyzing innovation, streamlining business transformation scenario, building on the organizational knowledge and responding to rapidly changing conditions effortlessly.

Awakening innovation requires vision and passion. To create the new requires not just one skill, but many, not just old experience, but new perspectives. It's important to ensure the right people with creative abilities have been assigned to the right role for stimulating creative energy, building highly innovative teams to deliver innovations continually.


xWhy is innovation important in business from time to time because if you don't innovate, you won't be able to survive in the market.

Being a business owner, if you want to exploit your product or service, whatever you are offering, you have to keep on innovating to provide good user experience to your target segment.

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