Monday, November 30, 2020

Innovation Initiation & Implementation

Innovation is not serendipitous, the best point of view is to see innovation as a system, capable of delivering organizational-wide capability. 

The digital era upon us is people and innovation. Innovation is the mechanism through which you grow and evolve to something great such as higher value-add products/services or something new or better based on a combination or modification of previous attributes or approaches. Due to the low success rate, organizations should ideally have a sustainable approach to innovation. The robust process and tools that enable any business entity to generate winning concepts on a consistent basis, is the prerequisite for sustaining business advantage and growth. Innovation leaders need to clarify the goals and scenarios of innovation by asking themselves or others’ relevant questions and take initiatives to drive innovation efforts systematically.

How a company is performing in bringing new ideas and what are the sources of innovation etc: Innovation requires multidimensional thinking, risk taking, retrospection with less scripted behavior. Many legacy businesses come with a legacy mindset, the old way to do things, lack the important elements to spark creativity and make progression. To shape a highly innovative organization, it’s important to nurture the culture of creativity and make innovation processes as visible, company-wide, as possible, but not too rigid. Sometimes, what one person calls innovation, another will say it is a trivial and self-evident step. What one person calls an act of genius, another will treat as unworkable insanity. In many companies, innovation is either lip service or serendipity. So it’s important to set innovation principles and clarify relevant innovation concepts, take a proactive approach to manage ideas and encourage creativity.

Good ideas nearly never emerge spontaneously, need to seed and mature. A good system can “smell” the right ideas at the right time and place. Good ideas and expertise are correlated. Most good ideas often emerge from interactions, innovative organizations manifest creativity from an individual endeavor to a team activity and a collective effort, as well as develop creative synergy by enablement, encouragement, and empowerment. To reach the depth and breadth of innovation management, it is not just a mere cumulation of the creative inputs of those involved; a corporation needs the processes and culture to sustain cross-boundary engagement to discover external ideas. The powerful digital platforms and collaboration tools are crucial enablers to inspire brainstorming, boost the organizational innovation capacity and increase the probability of innovation success. In a healthy and self-renewing innovation ecosystem, customers, channel partners, suppliers, and industry ecosystem participants are all active agents to create new ideas, knowledge or experiences, and develop them into full fruity.

How a company is processing the existing and new ideas it is getting as inputs, how innovative are the processes: Taking initiative and applying discipline to innovation is to figure out how to manage innovation in a structural way. Have a process in place that allows for the submission of ideas; create a disciplined, managed space for developing and testing new models, products, and business approaches. There is also the mechanism to collect feedback and gain management and peer recognition. Effective innovation management initiatives require the highest risk-taking at a strategic value chain; including organization, investments, and assets. Across multiple organizational silos, you need to manage innovation initiatives via a good alignment of innovators, disruptive technologies, rigorous processes and hybrid structures.

In traditional companies, to encourage creativity and develop the proper innovation climate, shield innovation teams from the organization’s dominant logic and established standard operating procedures, which perhaps stifle new thinking and approaches, enforce trustful relationships, have the right level of risk tolerance, enable more external partnerships for discovery and the outsourcing of “non-core” activities. The failures should not be rewarded, but they should be understood, gain “lessons learned,” and become the stepstones to success. From an innovation leadership perspective, cultivate a compelling vision, build high organizational justice (trust); apply a participatory management style and take multi-channel organizational communications in order to manage innovation systematically.

How a company is bringing the ideas into reality more related to commercialization: Innovation has three phases: discovery of new ideas; designing a prototype solution and the ultimate delivery of a commercially astute outcome. The main innovation challenges organizations face when attempting to innovate is a consistent process through which they can develop an idea into fruition. In reality, many companies form and grow on the basis of "idea creation," but then get bogged down when trying to "commercialize" those ideas, because it requires a different skill set, focus, and unique capabilities. In today's go-to-market business environment, the art of commercialization is becoming increasingly complex. Innovation ecosystem or the methodological environment should cover the whole innovation process, from processes in managing ideas or idea handling systems to idea implementation and promotion.

All innovation initiatives, hopefully, are started to achieve some business result directly or indirectly. The bulk of information, methods, and approaches involved as well as the complexity of processes encountered speaks in favor of the scientific approach for innovation management. Businesses need to learn how to incubate and commercialize ideas more successfully. There is transparency in follow-up a system of the innovation process from the idea up to the implementation. Enable the management to communicate their thoughts. Open up these ideas for collaboration to bring valuable inputs and help the development of those ideas to enhance focus on commercially relevant compounds and achieve business value.

Innovation is not serendipitous, the best point of view is to see innovation as a system, capable of delivering organizational-wide capability. Innovation as a management process needs to be monitored and fine-tuned for making continuous improvement. Highly innovative organizations deploy a range of different management methodologies and technologies and tailor their own circumstances for developing the fitting innovation models and practices.