Monday, August 5, 2019

The Monthly “Unpuzzling Innovation” Book Tuning: The Art and Science of Breakthrough Innovation Aug. 2019

 High performers adopt spiral approaches for managing the breakthrough innovation. Breakthrough innovation brings something new to the party - something that couldn't have been possible.

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.

   The Art and Science of Breakthrough Innovation

Three Aspects of Leading Breakthrough Innovation The highly innovative organizations embed innovation into every aspect of their organization. High performers adopt spiral approaches for managing the breakthrough innovation. Breakthrough innovation brings something new to the party - something that couldn't have been possible.

The Science Behind Breakthrough Innovation Innovation is to have a new perspective on things. Innovation is what leads to differentiation. Being able to innovate or close is being able to think and create new things based on the business or the customer’s needs. The goals of innovation, especially breakthrough innovation, should focus on people, the long-term trends and business vision. Innovation is both art and science. it’s about creating something new or better based on a combination or modification of previous attributes or approaches. Every organization is different, every innovation initiative is also unique, there is no one size fits all formula. Innovation is a process which can be managed, In this regard, innovation is more science than art.

Develop a Learning Organization and Build Breakthrough Innovation Competency With the increasing pace of changes and the 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.

How to Fine Tune the Organizational Structure for Breakthrough Innovation
Innovation is to transform novel ideas and achieve its business value. However, for most of the organizations, innovation, especially breakthrough innovation, is still serendipity. There are many factors to decide innovation success. From an organizational structure perspective, how can you get well organized for managing innovation more effectively?

Three Aims of Breakthrough Innovation There are both incremental innovation and breakthrough innovation. Breakthrough innovation is disruptive, with high return and high risks. There are many areas within a company where the innovation process can be applied to create value, from product innovation to service innovation, from process innovation to business model innovation, etc. The innovation context goes beyond the traditional scope and extends to the full spectrum including both hard disruptions and soft touches. Innovation breakthroughs that really hit the spot are often the radical new approach that makes a leap of the business to the next level of the growth cycle and achieves the high return on investment. Here are three aims of breakthrough innovation.

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