Friday, June 7, 2019

The Monthly “Unpuzzling Innovation” Book Tuning: Perfecting the Art of Innovation June 2019

 Innovation is a managed process, or more precisely, a dynamic system of transforming novel ideas to achieve its business value.

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.


        Perfecting the Art of Innovation

Managing Innovation in a Structural Way Innovation is a managed process, or more precisely, a dynamic system of transforming novel ideas to achieve its business value. It’s a journey and is therefore not possible to pre-describe how it will work out. It involves luck, trial, experimentation, research, and practice by using structured methods, tools, reviews, systematic analysis, or debugging. Managing innovation in a structural way is all about leveraging systems thinking and taking a scientific approach to problem identifying and solving, embracing uncertainty, identifying interconnections and interdependencies, encouraging learning and understanding flows, in order to decode innovation serendipity and improve its success rate.

Three-Step Scenario to Explore Open Innovation Innovation is essentially an intentional novelty bringing sustainable benefit. Innovation generates either economic or social value. From the business management perspective, innovation opens up new possibilities of combining existing business competencies in new ways which can form distinctive competencies as a stepping stone for doing more creative things. The value of open innovation is increasing because it uses all the information sources available in developing a robust innovation pipeline to generate fresh ideas and improve innovation management effectiveness. To put another way, open innovation makes the pie of creative ideas grow bigger. Here is a three-step scenario to explore open innovation.

Three Aspects of Running Highly innovative Organization 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.

Perfecting the Art of Innovation Creativity is an innate process to generate novel ideas and innovation is a management process of transforming those ideas to achieve their commercial value. That is what the innovation all about - getting the result in something which leads us to a better state than where we are today. You begin the innovation with well-aligned structure and process, but those processes or structures are not perfect, it’s actually necessary to have a certain degree of chaos to breakdown some old rules or outdated processes for playing the innovation oddball with the free spirit. Innovation is both art and science. Fundamentally speaking, innovation management is a scientific discipline with a set of best or next practices to perfect the art of innovation through progressive thinking and continuous improvement.

Three Levels of Innovation Management Maturity There is no doubt innovation is becoming more important whereas technology turns to be so advanced and the pace of change is increasing significantly. In practice, innovation focus and capabilities an organization demands depend on the circumstances the business is in. Different organizations have different strengths and competency to innovate. Here are three levels of innovation maturity.

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