Innovation governance is to advocate, steer, and sustain innovation.
In some cases, the hard components such as systems, processes, or technology that many organizations are using to capture innovation value are becoming inefficient in this rapidly changing world; in other cases, the soft factors such as communication, culture, leadership are not effective, becoming the very obstacles to innovation management. Thus, governance is critical for meaningful innovation.
Innovation often means to implement great ideas and maximize their value to business; governance is to ensure business running smoothly by minimizing risks. They are complementary to achieve premium business results. But overly rigid governance might stifle innovation. Here are a few fresh flavors of governance to build a highly innovative organization.
Embedded governance focuses on value-adding, and innovation collaboration: Innovation is about generating novel ideas and figuring out alternative ways to do things. A good governance standard helps to nurture a creative culture with which business leaders are open-minded, outward-looking rather than insular; workforces are encouraged to think and do things differently, willing to accept a degree of risk and experimentation, etc. Governance principles is a facilitation system to harness collaboration; governance process/mechanism can be embedded into the business process seamlessly to improve innovation management transparency for building tremendous trust and staff engagement, focusing on respect, relevance, intelligence.
Innovation is doing something better than it currently is. Hence it requires a sound and competent understanding of what is currently being done. Not what others are good at. It's a mindset. And that's where governance comes in. Embedded governance is less about controlling, more about repurposing, realignment and integration; enforcing workforce deployment and development; enhancing governance practices cross-enterprise to convey the vision of growing their people, optimizing workforce and running innovative business. The goal is to achieve the state of dynamic balance - maximizing value via innovation,
The goal of holistic governance is to ensure that businesses work as a whole to harness cross-boundary communication & partnership, demonstrate value and engage employees in collaborative innovation. Innovation governance is less about control, more about enablement and intelligence. Innovation has higher risk than any other types of business initiatives. Inherent in the social-technical-ecological view of governance disciplines to deal with uncertainty and complexity enable innovation management to understand business ecosystem dynamics, combining different ecological knowledge systems to aid in interpreting and responding to ecosystem feedback, adaptively and transformatively - and supporting both cross-scale and, cross-organizational innovation systematically.
Integrated governance leads to effective innovation management by enforcing accountability, shared ownership: There are varying degrees of understanding of the scale and scope of corporate governance, the context for corporate governance includes a wide range of circumstances and capabilities which are subject to constant organizational variability. The value proposition of good governance and brand should be integrated within and across operations not siloed off in a box and improve the success rate of business innovation.
Companies compete on innovation, regardless of how long they have been in business; they may be forced to take risks that others would not take to meet shareholder expectations. The more disruptive or radical the innovation is, the greater the risk would be. An integral governance, risk and compliance discipline creates an effective decision system and good controlling system which can assure business innovation management can set the risk appetite, improve risk intelligence, ensure that the business is running under the correct directions and behaviors correctly. The GRC can be evaluated not only from the financial perspective but also from the involvement and signs being displayed inside the organization, from innovation, people-centric perspectives.
Digital innovation has to connect the wider dots within the business ecosystem. How effectively the organization manages innovation is based on varying factors such as information fluidity, decision effectiveness, resource allocation, culture of creativity, or overall manageability. With each flavor of "innovation," the risk is involved, innovation governance is to advocate, steer, and sustain innovation. It’s important to complement innovation management with fitting governance styles: embedded governance, holistic governance, or integral governance approaches all have a role to play in driving or scaling innovation efforts and building a highly innovative organization.
Innovation often means to implement great ideas and maximize their value to business; governance is to ensure business running smoothly by minimizing risks. They are complementary to achieve premium business results. But overly rigid governance might stifle innovation. Here are a few fresh flavors of governance to build a highly innovative organization.
Embedded governance focuses on value-adding, and innovation collaboration: Innovation is about generating novel ideas and figuring out alternative ways to do things. A good governance standard helps to nurture a creative culture with which business leaders are open-minded, outward-looking rather than insular; workforces are encouraged to think and do things differently, willing to accept a degree of risk and experimentation, etc. Governance principles is a facilitation system to harness collaboration; governance process/mechanism can be embedded into the business process seamlessly to improve innovation management transparency for building tremendous trust and staff engagement, focusing on respect, relevance, intelligence.
Innovation is doing something better than it currently is. Hence it requires a sound and competent understanding of what is currently being done. Not what others are good at. It's a mindset. And that's where governance comes in. Embedded governance is less about controlling, more about repurposing, realignment and integration; enforcing workforce deployment and development; enhancing governance practices cross-enterprise to convey the vision of growing their people, optimizing workforce and running innovative business. The goal is to achieve the state of dynamic balance - maximizing value via innovation,
Adopting a holistic governance with social-technical-ecological perspective to improve innovation effectiveness and efficiency: Innovation cannot be separated from a specific business purpose and in a broad context. Governance is critical for meaningful innovation. Innovation governance is neither linear nor single dimensional. It’s important to shape a holistic governance prospect because organizations today are more like organic systems that must keep evolving to adapt to the changing environment.
The goal of holistic governance is to ensure that businesses work as a whole to harness cross-boundary communication & partnership, demonstrate value and engage employees in collaborative innovation. Innovation governance is less about control, more about enablement and intelligence. Innovation has higher risk than any other types of business initiatives. Inherent in the social-technical-ecological view of governance disciplines to deal with uncertainty and complexity enable innovation management to understand business ecosystem dynamics, combining different ecological knowledge systems to aid in interpreting and responding to ecosystem feedback, adaptively and transformatively - and supporting both cross-scale and, cross-organizational innovation systematically.
Integrated governance leads to effective innovation management by enforcing accountability, shared ownership: There are varying degrees of understanding of the scale and scope of corporate governance, the context for corporate governance includes a wide range of circumstances and capabilities which are subject to constant organizational variability. The value proposition of good governance and brand should be integrated within and across operations not siloed off in a box and improve the success rate of business innovation.
Companies compete on innovation, regardless of how long they have been in business; they may be forced to take risks that others would not take to meet shareholder expectations. The more disruptive or radical the innovation is, the greater the risk would be. An integral governance, risk and compliance discipline creates an effective decision system and good controlling system which can assure business innovation management can set the risk appetite, improve risk intelligence, ensure that the business is running under the correct directions and behaviors correctly. The GRC can be evaluated not only from the financial perspective but also from the involvement and signs being displayed inside the organization, from innovation, people-centric perspectives.
Digital innovation has to connect the wider dots within the business ecosystem. How effectively the organization manages innovation is based on varying factors such as information fluidity, decision effectiveness, resource allocation, culture of creativity, or overall manageability. With each flavor of "innovation," the risk is involved, innovation governance is to advocate, steer, and sustain innovation. It’s important to complement innovation management with fitting governance styles: embedded governance, holistic governance, or integral governance approaches all have a role to play in driving or scaling innovation efforts and building a highly innovative organization.
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