Sunday, June 21, 2020

Information-Intensive Innovation

Leverage effective technologies, tools, or methodologies and apply them wisely with the expertise to refine information and really add value or develop the organizational level innovation competency.

Many organizations feel overwhelmed by the exponential growth of data and continuous disruptions often led by emergent digital technology. Information is the most invaluable commodity individuals and organizations produce in the digital environment in which they currently function. And in fact, it’s one of the most intensive pieces of innovation that need to be managed successfully!

From a management perspective, innovation is costly most of the time, that is why you should really concentrate innovation on the main issues of your strategy - intensify innovation with focus.

Initiating business inquiries to spark creativity: Information Technology is the custodian of data assets that can be applied in new and different ways to catalyze innovation and generate massive business value that far exceeds the business management's expectation. The insightful business inquiries stimulate imagination and deepen understanding of crucial business problems and frame the right problems to answer. If the problem domain is not well understood, then how are data expected to magically change that? Without reliable information, a mere case of something blind leads something else which is blind. Everything about the shape of data one needs is very much borne on the problem domain.

Allow people to ask interesting questions and expect to get a variety of answers for triggering creativity. Thought-provoking questions are like magnets that attract the best answers and fresh perspectives. The quality of information assists in prioritizing business problems or opportunities. Usually, Data does not come before questions unless you use data to ask new questions. It’s also important to extract information from the right data, to answer the right questions, with the right perspective in approaching the right problems, and solve them in an innovative way.

Nurturing information-driven innovation to delight customers: Companies today can abstract business and customer insight from abundant information. The refined information allows businesses to perceive customers’ behavior patterns they have never seen before. It also helps to uncover the interdependence and hyper-connection of business nature and bring to the table innovative solutions that meet customers’ needs, fit the growth perspective of the organization and lead to a new way of doing business.

A healthy Information Management cycle makes information available and useful, exerts lots of intelligence, looks for insights, leverages imagination, but makes validation and predictability. The information system as the backbone of innovation management helps to optimize the usage of information and refine information into knowledge and business insight, figure out a way to improve processes or change the mechanism, grasp opportunities to expand products and services offerings, and create new business models. The greatest rewards go to those with a clear vision of how it can delight their customers, transform their organization, capabilities, and industry evolutionarily.

Understanding information as one of the most time-intensive pieces to the innovation puzzle: The disruptive nature of emerging digital information technology is highly likely to have implications for business innovation. Digital organizations as the information hub can become the hotbed to nurture and incubate great ideas. There are some critical pieces of information needed for connecting wider dots to spur innovation and accelerating idea validation such as facts about business ideas.

Digital leaders today need to be obsessed with innovation. It involves being part of a process of trial and error. And the insight abstracted from information not only fuels creativity but also makes creativity more tangible and embed creativity with other processes to produce new knowledge and unique perspectives. Information flow streamlines idea flow. It is important to bring more qualitative information that is crucial to understanding the health and well-being of the firm's innovation efforts, look at innovation from the perspective of developing business-wide innovation capabilities.

Due to the fact that innovating in today’s digital world has become increasingly complex in nature, businesses today should transform themselves into the digital mode which is based on the information and encourages the culture of learning. Leverage effective technologies, tools, or methodologies and apply them wisely with the expertise to refine information and really add value or develop the organizational level innovation competency.


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