Tuesday, January 14, 2020

The Monthly “IT Innovation” Book Tuning: Breakthrough Innovation Jan, 2020

Breakthrough innovation is disruptive, with high returns and high risks.

Within abundant information and emergent digital technologies, IT is a key component of a holistic business mindset to re-imagine “what is possible” - unleashing business potentials and improving business efficiency, effectiveness, agility, and maturity. The art of possible to reinvent IT in the digital age is to deliver the value of information in helping businesses grow, delight customers and doing more with innovation.

      Breakthrough Innovation

CIOs as “Chief Innovation Officer”: Three Aims of Breakthrough Innovation There are both incremental innovation and breakthrough innovation. Breakthrough innovation is disruptive, with high returns 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.

The Magic Cycles of Breakthrough Innovation Innovation is the new way to do things. Breakthrough Innovation is disruptive and will change the business in many fields. You need new technology, new processes, new customers, new knowledge may be a new business model. Breakthrough innovation perhaps helps to lift up the business to the next level of performance. However, the real challenge is to understand where and how to get the biggest effect. Innovation Management overall has a very high failure rate, and the chance of breakthrough innovation success is even smaller. Because breakthrough innovation is often brand new to the world, and it is not something every company could accomplish. Here are three magic cycles of breakthrough innovation.

Accelerate IT Driven Innovation via Three lenses Many IT organizations are still struggling to keep it relevant and moving up its maturity from a cost center to a revenue generator; from a support function to a business partner. Innovative organizations today have to explore the full spectrum of innovations and deploy a range of different management, technology, process, and structural solutions. Innovation happens when you change the game; you bring a different twist to what is currently established and perceived. How to accelerate IT-driven innovation via different lenses?

Five Critical Components in IT Innovation Management Playbook Technology is pervasive and the information is abundant, business initiatives and digital transformation today nearly always involve some form of technology implementation or information processing. IT plays a significant role in managing the information-knowledge-insight cycle and fostering innovation by leveraging disruptive technologies and enriched information flow. One of the most appropriate tiles for CIOs is “Chief Innovation Officer,” who plays a critical role in orchestrating innovation symphony. Here are five critical components in the IT innovation management playbook.

CIOs as Chief Innovation Officer: Where are the Innovation Hot Spots? Digital is the age of innovation. And innovation is what leads to differentiation. Different organizations have their own “innovation strength.” There are many ways to differentiate and, therefore, there are many ways to pursue innovation. The innovation-generating organization depends more heavily on its technological knowledge and market capabilities to develop and commercialize innovations; the innovation-adopting organization relies more on its managerial and organizational capabilities to select and assimilate innovations. IT organizations strive to become the innovation hub of the businesses, CIOs as Chief Innovation Officer: Where are the innovation hot spots and can you identify them?

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