In the rapidly evolving business and economic systems, innovation management is very complex but critical for firms' survival and thriving.
Innovation is the core activity of human evolution of changing the environment to reach high performance and expediting collective human progress. Disruptive innovation is a radical new approach that leaves competitions behind in some way. It is disruptive and will change your organization in many fields. Innovation should eventually result in business benefits - be it tangible or intangible.
Identify macro trends and patterns: With today’s business dynamic, if you do not innovate, your competitors will and make your current successful products or services obsolete. Either disrupting or being disrupted, organizations have to make tough choices and take certain risks. Disruptive innovations are often driven by macro trends such as emerging new technologies, it’s important to understand patterns that provide clues and there are unmet needs. Research identifies the innovation initiatives that ultimately break new ground frequently are fraught with uncertainty on many dimensions: technical, market, resource, and organizational uncertainties abound. From innovation management perspective, a macro view is helpful to tell you “what” - look into an unknown future and attempt to define the landscape with its opportunities and risks. Therefore, to discover patterns, digital leaders should take multidimensional lens to gain the digital landscape and ecosystem view technically, economically, sociologically. Disruptive innovation is usually risky, but it’s better with great ROI. Often, you need new technologies, new processes, new customers, or even a new business models. If doing successfully, you get great opportunities for new product lines, business platforms and market share, etc.
Fine-tune processes: Innovation is a managed process, or more precisely, a dynamic system of transforming novel ideas to achieve its business value. With high business velocity today, innovation needs to be managed with fine-tuned processes to deal with change and uncertainty. To drive innovation, especially disruptive innovations, some forward-looking companies shield innovation teams from the organization’s dominant logic and established standard operating procedure, make open space for developing and testing new models, products, and business approaches. A structural innovation system helps those organizations recognize challenges, understand boundaries, and deal with constraints, with lightweight processes which allow creativity flowing, get protected, channeled and nurtured. Highly effective innovative leaders are fully aware of the organizational structure and who is responsible for what - both infrastructure and application for truly delivering innovative business models, products or services,either breakthrough or incremental.
Build a road-map for incremental-disruptive innovation continuum: Disruptive innovations can be defined as offering an initially lower performance while at the same time bringing some new attributes to the market. Can a big, well-established organization be disruptive? Managing disruptive innovation will be all about the game changing, or market winning products it develops. These very concepts/products can turn out to be disruptive for their own products. That's disruptive innovation. Breakthrough innovation is not something every organization can accomplish, you have to develop the innovation capability and execute it successfully. Often, the disruptive impact is a cumulative effect of continuous incremental innovation of the initial idea over time. To achieve the ambitious vision, it’s also important to build a comprehensive roadmap for managing an incremental-disruptive innovation continuum. You cannot “disrupt” without incremental innovation being part of the process. The ambitious, radical, market-changing innovations are specifically enabled by a comprehensive systems level specifications of all the relevant valued products or services interactions currently and potentially tied to the targeted products or services.
Leading disruptive innovation takes both strategy and skill. In the rapidly evolving business and economic systems, innovation management is very complex but critical for firms' survival and thriving, Assessing organizational personality, riding multiple digital curves, optimizing processes, and maximizing business potential are all important steps in digital innovation management scenarios to build up differentiate business competencies.
Leading disruptive innovation takes both strategy and skill. In the rapidly evolving business and economic systems, innovation management is very complex but critical for firms' survival and thriving, Assessing organizational personality, riding multiple digital curves, optimizing processes, and maximizing business potential are all important steps in digital innovation management scenarios to build up differentiate business competencies.
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