Innovation is a managed process of transforming novel ideas to achieve its business value.
Take a Step-Wise Approach to Manage Innovation
“Five-Step” Openness in Innovation Management In the rapidly evolving businesses and dynamic economic systems, innovations are very complex but critical for firms' survival and thriving today. Some businesses try to force innovation via “command & control” management style, but it often does not work well. Because the business and economic environment play an important role, there are both tangible and intangible elements which need to be knitted into the unique innovation competency of the organization. Knowledge is important, but openness is more critical to spark innovation. Here is the “five-step” openness in innovation management.
Managing Innovation in a “RIGHT” Way Innovation is about transforming novel ideas to achieve business value. Innovation has to result in something which leads us to a better state than where we are today. There’s no such “one size fit all” success formula for innovation management success. Innovation is a journey and is therefore not possible to pre-describe how it will work out, it involves experimentation, trial, error, research, applying structured methods or tools, reviews, systematic analysis, and debugging. But innovation shouldn’t be just serendipity. Here are three “right” elements to improve the overall innovation success rate.
Three Aspects of Running Highly innovative Organization Innovation is a managed process of transforming novel ideas 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.
Develop a Learning Organization and Build Breakthrough Innovation Competency? With the increasing pace of changes and cutting throat competitions, to effectively respond to the digital dynamics, companies must begin thinking about ways to build their innovation competency, broaden their ecosystems and revenue streams. In reality, the true innovation always spurs certain disruptions otherwise it is not innovation. Nowadays innovation can occur anywhere in the organization, and frankly, it has to occur in every aspect of the organization, information is the most time-intensive piece of digital innovation. How can companies develop a learning organization and take a structural way to manage innovation, especially breakthrough innovations which are disruptive and will change their organizations in many fields? You need new technology, new processes, new knowledge, maybe a new business model. All that makes them very risky but on the other hand, you will get very great chances and opportunities for achieving leapfrog results.
Five Pillars of Digital Innovation Nowadays, with rapid changes and fierce competitions, innovation is no longer a “nice to have,” but a “must have” competency for long-term business success. Digital is the age of innovation. Highly innovative digital organizations, no matter large or small, are highly dynamic and flexible, focus on solving problems and unleashing business potential. Innovation is not always equal to the latest gadget, it’s about people, culture, partnership, and manner, to build a highly creative working environment and develop differentiative innovation competency. Here are five pillars of digital innovation.
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