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 economic 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.
All Sorts of Innovation
The Aspects of Outcome-Driven Innovation In the rapidly evolving businesses and economic systems, the creation of new innovations is very complex but critical for the survival and thriving of companies across industries. Innovation is the development of a new combination of available resources, in a way that solves problems in alternative ways. Customers are one of the most important links in the innovation process. Outcome-Driven Innovation (ODI) focuses on customer desired outcomes. Here are three aspects of outcome-driven innovation.
Nonlinear Innovation Human society gets more and more complex, there are both existing problems and emerging challenges. The very natural attempt of humans to take the powerful techniques of mathematics, such as linear mathematics or logic, and apply it to the world very quickly comes up against insurmountable difficulties.
People-centric Innovation Nowadays the business ecosystem is so hyper-connected and interdependent, people all over the world can share information, co-develop new knowledge, and co-create fresh ideas. Innovation management today is interdisciplinary, people-centric, and involves applied science (engineering), art (design), cognition (psychology), social norms (culture) and group behavior (sociology), etc. Being people-centric is a transcendent digital trait and the core of innovation.
Long Tail Innovation The long tail is a business strategy that allows companies to realize significant profits by selling low volumes of hard-to-find items to many customers instead of only selling large volumes of a reduced number of popular items (Investopia). Long-tail innovation is truly about focusing on the needs of customers and taking a unique path of doing innovation or solving problems creatively.
Three-Step Scenario to Explore Open Innovation Innovation is essentially an intentional novelty bringing sustainable benefit. Innovation generates either economic or social value. From the business management perspective, innovation opens up new possibilities of combining existing business competencies in new ways which can form distinctive competencies as a stepping stone for doing more creative things. The value of open innovation is increasing because it uses all the information sources available in developing a robust innovation pipeline to generate fresh ideas and improve innovation management effectiveness. To put another way, open innovation makes the pie of creative ideas grow bigger. Here is a three-step scenario to explore open innovation.
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