Friday, October 9, 2020

The Monthly “IT Innovation” Book Tuning: Knowledge/Information Empowered Innovation Oct. 2020

Our imagination lets us dream of where we could go, knowledge helps us understand how and what forces we are dealing with in our journey. 

Within abundant information and emergent digital technologies, IT is a key component of 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 do more with innovation.

Knowledge/Information Empowered Innovation

Knowledge vs. Imagination Perhaps it is another chicken and the egg debate: Knowledge vs. Imagination, which one is more important? There is no imagination without knowledge, and there is no knowledge without imagination. Putting information in a human memory is not similar to data storage, as you have to sort through, transform it into the knowledge, and abstract the insight or recreate the new knowledge at the advanced level.

Three Aspects on How Collective Learning Fosters Innovation We live in the information and knowledge economy, today’s digital professionals are hard workers, knowledge workers, and creative workers, who are exploring, innovating and evolving to new digital paradigm proactively in a continuous way. To create the new requires not just one skill, but many, not just old experience, but new perspectives. Collective learning rejuvenates the organizational culture and fosters innovation.

Information-Intensive Innovation? 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!

Playing Innovation Oddball: Avoid Knowledge Traps Knowledge is the foundation of the imagination. We can use knowledge of the forces of physics to guide us in the exploration of the earth or space. Our imagination lets us dream of where we could go, knowledge helps us understand how and what forces we are dealing with in our journey. A great wealth of knowledge fuels imaginations. This, in turn, becomes things which can be useful. However, too much knowledge, especially if it’s outdated or too little knowledge will turn to be the trap of innovativeness.

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.

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