Digital Masters are those cross-generational digital professionals who are equipped with 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 is a lot of confusion about innovation and there is no magic sauce to guarantee its success. Innovation is not serendipity, but a discipline.
Innovation Competency
Innovation Architecture and Competency Innovation is a managed process of transforming novel ideas to achieve its business value and it is the development of a new combination of available resources in a way that solves real-world problems in a suitable way. This is especially true if you are looking at new sources of value that haven't been tapped before. Managing innovation to fit the market often requires strategies, architecture designs and product introductions that build towards the long-term perspective. You have to manage it in the right way with the right elements strategically and systematically to achieve consistent business results.
Develop a Learning Organization and Build Breakthrough Innovation Competency With the increasing pace of changes and 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, 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.
Running Digital Organizations with Differentiated Business Competency The characteristics of digital business are dynamic, volatile, uncertain, and hypercompetitive. Digitalization implies the full-scale changes in the way business is conducted so that simply adopting new digital technology isn’t insufficient. You have to continuously scale-up and dig underneath, optimize organizational processes and develop business capabilities, transform the underlying organizational structures and functions to ensure the business as a whole presenting the differentiated business competency and running with digital speed. Here is a set of differentiated business competencies.
The Enterprise’s Innovation Appetite, Attitude, Aptitude Digital is the age of innovation, Innovation is always a tough journey, not a flat road. Digital innovation is coming at a seemingly much faster pace, and there are more potential disruptions, with a broader scope, scale, and impact on the business’s long term surviving and thriving. Companies have to be prepared to lose some to gain more for the longer term. They need to make an objective assessment of their innovation appetite, attitude, and aptitude and manage an innovation portfolio strategically and systematically to achieve great business results for the long term.
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 competencies to innovate.
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