Monday, August 23, 2021

Innovation Renewal

Innovation is for reimagining the future of the organization; renewing business energy to disrupt, rather than being disrupted, and reinvent the company with differentiated advantage.

The world becomes more dynamic, innovation is for renewal; innovation is the light forward-thinking companies are pursuing to grasp growth opportunities. Innovation is equivalent to sustainability and resilience for an increasing number of hyper-connected enterprises and industries to develop structural capital, and come up with next practices to rejuvenate themselves, and ensure that the enterprise is always fit for the purpose of achieving its vision, mission, and strategy.

Art of discovery: Innovation is about thinking differently, acting differently, delivering differently, or adding value differently. There are many ways to innovate, the art of discovery is about rising above the status quo and taking on a new set of activities to ask open-ended questions, and create previously unconsidered solutions. Innovation requires thinking beyond, as opposed to outside the box, altering or changing the frame of reference. There’s time you need to dig into the crucial problems that the business is facing at the moment; there’s time you have to see around the corner, make deep observations to get the hidden clues for initiating meaningful innovative initiatives. Emotionally, sometimes, innovations need the conflicts to trigger, other times, the tension between standardization and personalization spurs value-added innovation and cultivates the right type of organizational climate to manage systematic innovation.

Innovation is not isolated. To dig through, the elements behind “the hyper-innovation magic” is holism. It is challenging, and at times frustrating to work in an overly restrictive hierarchy with bureaucracies whose very DNA acts as an immune system to new ideas and innovation. The art of exploration is based on an interdisciplinary approach which covers information/knowledge transfer management, entrepreneurship, talent management, performance management, etc. More broadly speaking, it is an interdisciplinary management approach which stands in between management, economy, psychology, sociology, and neurology, etc.

Science of discipline:
Innovation is not some random effort, but a differentiated business competency being built scientifically to accelerate performance. Value enhancement for customers is important to evaluate innovation. It’s about knowing that this enhancement might be a matter of perception, and increasing value might be reached in alternative ways. Incremental innovation often starts from the top, making dynamic planning, following with scientific processes to make continuous improvement. Highly innovative organizations can build a solid innovation strategy with the right mix of incremental and radical innovation. The radical innovation creates a chain of innovation, meaning it necessarily leads to new innovation and enhancements. By practicing the scientific discipline, innovation management effort can significantly amplify its effect and unlock business performance.

In reality though, there is the tension between the art and science of management, including innovation. Efficient corporations are designed to execute on the science of delivery, and achieve operational excellence. They're bad at innovation by design. All the pressures and processes that drive them toward an efficient operation tend to get in the way of developing the innovations that can actually transform the business. It takes time to reap benefits from strategic innovation efforts. Thus, keep in mind, besides efficiency, science implies reengineering, retrospective logic, analysis & synthesis, creativity, etc. Every scientific innovation effort needs to incorporate the means and ends, information-enriched, people-centric, having innovators involved in the strategy development process from the get-go, to systematically build the unique innovation competency of the company.

The art and science of innovation framework: The art of management is to reimagine, let things “loose” a bit, to evolve flowing; the science of management is to create a structure and fine tune the logic to enable implementation. A great innovation framework approach helps to mix the art and science of management discipline holistically in order to manage different flavors of innovation systematically without “losing a big picture.”. At the higher level, apply the right philosophy, make good policies to catalyze innovation; at the middle level, optimize processes and develop the best and next practices; for the front lines, collect the right feedback from varying stakeholders to streamline the healthy innovation management cycle. Scientifically, the best framework is good because of underlying data and structural elements. There lies the quandary because innovation may not have the data to back it up!

Regardless of top-down, bottom-up, or middle-out, innovation process re-engineering is about nurturing innovation skills, ingraining innovation culture, embracing innovative technology, applying good practices, and developing the updated metrics. Risk Management is always an integral component in innovation management. If you really innovate, you will differentiate your company from competitors. Innovative strategic risk management actually creates value by identifying opportunities to capitalize on uncertainty and volatility to maximize gains, improve competitive positioning. So your innovation management framework is unique, and tailored to your organization’s specific needs and solves a set of problems to accelerate business performance..

Innovation is for reimagining the future of the organization; renewing business energy to disrupt, rather than being disrupted, and reinvent the company with differentiated advantage. A disciplined innovation approach focuses on commercially relevant compounds innovation management which are driven by clear strategic goals, along with the integral and interdisciplinary process management and strategic risk management to practice the science of “what & how” and “the art of possible.”


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