Innovation is not serendipity, it’s a mindset, a process, and a business competency.
Innovation is a managed process of transforming the novel idea to achieve its business value. It’s the business’s unique capability to gain a competitive advantage in the face of fierce competitions and business dynamic. With the exponential growth of information and knowledge only clicks away, digital organizations depend more heavily on their technological knowledge and market capabilities to develop and commercialize innovations. Innovation is to have a new perspective on things and move forward. In any business, if you are not moving forward, you’re moving backward. Here are three aspects of running a highly innovative organization.
Goals for innovation: Innovation is a specific phenomenon and strategic imperative of the knowledge-based digital economy. The goals of innovation at the business level is for achieving high performance, improving profit, saving resources, delighting customers, and making collective progress. Innovation has to result in something which leads us to a better state than where we are today. Digital innovation has a broader spectrum, enriched context, and hybrid nature; it is an iterative incremental-evolutionary-breakthrough innovation continuum. The goal of innovation management is to build a comprehensive platform or dynamic system that can “smell” the right ideas at the right time and place, and transform them into business value successfully. Enterprises that are able to successfully innovate at a breakthrough level can increase the likelihood that they will dominate and prosper in new markets that they create. Like many other management disciplines, it’s important to ensure doing the right things before doing things right. Back to fundamentals, the exercise of deciding just what innovation is within each organization is the single most critical activity of innovation management. The goal of innovation is straightforward: If you can generate great ideas, work hard, have a systematic process to transform ideas into great value to delight customers, you are rewarded.
Innovation models, platforms, and methodologies: Due to the complex nature of modern businesses, business innovation today are more often the “cross-science” management discipline. It covers knowledge, technology transfer, design, information management, or entrepreneurship. It’s closely related to even broader disciplines such as economy, psychology, sociology, anthropology, or law, etc. Innovation Management System includes policies, structures, platforms, methodologies, or practices that innovation managers can use to drive innovation and improve its success rate. With powerful digital technologies and collaboration tools, organizations today can become highly effective in executing innovative ideas by breaking down silos or bottlenecks and enforcing cross-boundary collaboration. For many companies, innovation is still serendipity, because there is no magic formula for doing innovation or "one size fits all" solution. Every organization needs to develop tailored innovation principles, methodologies, or best practices by leveraging effective technologies, tools or methodologies and applying them wisely with the right expertise to develop innovation competency. There is the mechanism to collect feedback and there is transparency in follow-up a system of the innovation process from the idea up to implement, to gain management and peer recognition. From a business innovation perspective, make the innovation process as visible and company-wide as possible, but not overly rigid. Digital technology also enables companies to leverage their ecosystems which draw mutually supportive companies together from multiple industries that seek fresh ideas collectively and build differentiated value that could not reach alone. Innovation can be transcended into the powerful force to move the entire human society forward.
Innovation is a managed process of transforming the novel idea to achieve its business value. It’s the business’s unique capability to gain a competitive advantage in the face of fierce competitions and business dynamic. With the exponential growth of information and knowledge only clicks away, digital organizations depend more heavily on their technological knowledge and market capabilities to develop and commercialize innovations. Innovation is to have a new perspective on things and move forward. In any business, if you are not moving forward, you’re moving backward. Here are three aspects of running a highly innovative organization.Goals for innovation: Innovation is a specific phenomenon and strategic imperative of the knowledge-based digital economy. The goals of innovation at the business level is for achieving high performance, improving profit, saving resources, delighting customers, and making collective progress. Innovation has to result in something which leads us to a better state than where we are today. Digital innovation has a broader spectrum, enriched context, and hybrid nature; it is an iterative incremental-evolutionary-breakthrough innovation continuum. The goal of innovation management is to build a comprehensive platform or dynamic system that can “smell” the right ideas at the right time and place, and transform them into business value successfully. Enterprises that are able to successfully innovate at a breakthrough level can increase the likelihood that they will dominate and prosper in new markets that they create. Like many other management disciplines, it’s important to ensure doing the right things before doing things right. Back to fundamentals, the exercise of deciding just what innovation is within each organization is the single most critical activity of innovation management. The goal of innovation is straightforward: If you can generate great ideas, work hard, have a systematic process to transform ideas into great value to delight customers, you are rewarded.
Innovation models, platforms, and methodologies: Due to the complex nature of modern businesses, business innovation today are more often the “cross-science” management discipline. It covers knowledge, technology transfer, design, information management, or entrepreneurship. It’s closely related to even broader disciplines such as economy, psychology, sociology, anthropology, or law, etc. Innovation Management System includes policies, structures, platforms, methodologies, or practices that innovation managers can use to drive innovation and improve its success rate. With powerful digital technologies and collaboration tools, organizations today can become highly effective in executing innovative ideas by breaking down silos or bottlenecks and enforcing cross-boundary collaboration. For many companies, innovation is still serendipity, because there is no magic formula for doing innovation or "one size fits all" solution. Every organization needs to develop tailored innovation principles, methodologies, or best practices by leveraging effective technologies, tools or methodologies and applying them wisely with the right expertise to develop innovation competency. There is the mechanism to collect feedback and there is transparency in follow-up a system of the innovation process from the idea up to implement, to gain management and peer recognition. From a business innovation perspective, make the innovation process as visible and company-wide as possible, but not overly rigid. Digital technology also enables companies to leverage their ecosystems which draw mutually supportive companies together from multiple industries that seek fresh ideas collectively and build differentiated value that could not reach alone. Innovation can be transcended into the powerful force to move the entire human society forward.
Innovation is not serendipity, it’s a mindset, a process, and a business competency. The best point of business view is to see innovation as a system, capable of delivering the organization-wide capability. It can be managed effectively via well-aligning talented people, robust process and efficient technology & tools to achieve the ultimate business goals.
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