Saturday, September 21, 2019

Take a Platform Innovation Approach

A well developed platform  plus a creative culture is critical to strengthen innovation efforts, manage innovation in a scalable and structural way and improve the overall innovation success rate.

The rapid changes,exponential growth of information, emerging digital technologies, and many other factors are creating new challenges and opportunities for enterprises to grow and mature. Forward-looking organizations take an evolutionary approach to manage innovation in a structural way. A platform innovation approach involves an external ecosystem of customers, business partners, or different stakeholders for generating novel ideas and creating unique business value.

Innovation and business model reinvention platform: Innovation is not just about technology, it’s about doing things better, differentiating yourself from competitors, and create great business value. Innovation management is about people, culture, partnership, and processes, etc. Innovation Management also includes policies, structures, and programs. Most good ideas emerge from interactions, not single individuals. Thus, an appropriately configured and well-developed digital platform needs to become the part of innovation management planning and implementation, to help bridge cognitive and knowledge gaps, share and build ideas across the business ecosystem, provide effective tools and feedback mechanism, and enforce governance discipline to improve innovation effectiveness. People-centricity is actually the very purpose of running a platform business. Look for providing innovative business solutions which will directly benefit the external end customers and improve business competency.

A powerful innovation platform helps to nurture a culture of creativity: Highly innovative businesses provide excellent platforms for people to explore who they are, keep their creative energy flow and then, align the energy to work at hand and inspire a creative culture. The appropriately configured innovation platform creates a scalable means for brainstorming, designing and building ideas throughout the enterprise. As a result, innovation becomes a persistent, shared reality even across silos and geographies. The effectiveness of innovation platform can be evaluated on how it helps to reduce fear and encourage creativity across the organization; how it will effectively leverage the diversity of thoughts to create meaningfully unique ideas, as well as how it will effectively leverage the power of stimulus to generate and implement meaningfully unique ideas.You need to make sure that your company has a steady flow of fresh ideas floating in the innovation pipeline, more importantly, you need a methodological platform that allows you to do that in an efficient and structural way.

A highly effective innovation platform increases the speed in the innovation process, decrease risk in the innovation process: With dynamic changes and fierce competitions, the speed of innovation needs to be accelerated. In reality, the common barriers to speed up innovation include silos, rigid rules, inflexibility, static process, or bureaucracy, etc. A well-considered platform with a set of collaboration tools in the given culture, operating environment, and governance, can be an integral part of innovation management solution. A powerful innovation platform can streamline idea flow, reorganize, refocus, and re-balance resources to accelerate innovation speed, manage risks, harness interactions with external systems to improve innovation management effectiveness and maturity.

Keep in mind, relying on a magical platform or tool alone without a genuine commitment to shift culture or enforce governance as part of innovation strategy, still make innovation as serendipity. Regardless of the nature of the organization, there are some similarities in creative culture such as strong vision and leadership, outward-looking rather than insular, willing to accept a degree of risk and experimentation, etc. A well developed platform  plus a creative culture is critical to strengthen innovation efforts, manage innovation in a scalable and structural way and improve the overall innovation success rate.


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