Innovation management requires knowledge, involvement, and commitment. It is a set of means including methods that cover the process from the problem's choice till commercialization.
The main challenge organizations face when attempting to innovate is a cohesive management discipline with the tailored practices and methodologies in a consistent manner through which they can implement innovations and develop ideas into fruition constantly.
Identify promising big ideas for investment: It takes courage to practice unconventional thinking, but it is a necessary step to spark creativity and make true progress. Innovation often means to mix something new with old; it’s important to expand the mental boxes and get a better understanding of the current boxes, figuring out “out of the box” solutions. One of the real challenges to innovation management is how to manage ideas, accelerate idea validation and streamline innovation processes. Identifying promising big ideas for investment will accelerate bold change, and continue to prioritize and adjust the strategy, to leverage the growth potential of the organization. It’s also critical to strike the right balance between ideation and execution of the innovation process, select the best of the best ideas, and best focus on organization’s limited resources to improve innovation success rate.
There are multiple innovation personas. Some innovators see themselves as the actual source of innovation. Other heads of innovations see their role to facilitate the corporate ideas and suggestion box in a rather passive manner. It’s better to have a level of rapport to ensure formal communications are not misinterpreted and partnership is enforced, critical domain knowledge centric activities are encouraged and business innovation driven initiatives are managed effectively. Innovation management needs to find creative ways to tackle the innovation potential lying in an enterprise; provide the necessary tools to unleash this creative force and to develop these tools further, with the goal to maintain the idea and innovation pipe of the company at any time.
People centric innovation as the choice generator for delighting customers and driving business growth: In the age of people, choice, and empathy, it is critical to ensure that the goal of "adding value to the company by adding value to the customer" is achieved. Put emphasis on customer-centric innovation. Point out that customer inquiries are not only support related, but can also foster innovative ways to solve problems. Start listening, collect qualified information and feedback from customers, embrace multiple perspectives of the issues, engage people in meaningful conversation to spur innovation and build a strong team with unique competency for taking care of chains of problems in a structural manner.
Customer-centric innovation often happens at the intersection of people, process, and technology. When managing the innovation cycle, customer involvement at all stages often elicits highly valuable information, creating a context in which people can collaborate and they are empowered, respected, and make collective decisions, that is the essence of the people-centricity. It is important to have a heterogeneous group setting and let people view an idea from different perspectives, brainstorm diverse thoughts and ideas, apply thinking techniques, harness people-centric experiences for delighting customers and accelerating business growth.
Interdisciplinary paradoxes are the rare and precious dots to spark the next level of innovation: There are paradoxes in managing innovation by striking the right balance of breaking down outdated rules and setting digital principles; creativity and process, personalization and standardization. Innovation is about making progress or advancement, but innovation management sometimes needs to trace backward. Often, efficiency and innovation just have to learn to live and function together. The greater the efficiency of an organization, the greater the need is for creativity to maintain high performance in the long run. Innovation Management System includes policies, structure, and program that innovation managers can use to drive innovation and improve innovation manageability.
Instead of being overly rigidly grouped around a specific function or business, an enriched innovation ecosystem enables systematic innovation management. From processes in managing ideas or idea handling systems to process in idea implementation & promotion, innovation needs a certain level of guidelines and rules, but overly rigid rules stifle innovation, causing business stagnation. In a basic view, innovation is a process and every process needs to be managed. Static or inflexible processes create friction, causing silos. Innovation ecosystem should cover the whole innovation process which has usually been defined with a wide-scope view, connect wider dots, become more dynamic to harness cross-functional collaboration and accelerate the speed of products/service deliveries.
Identify promising big ideas for investment: It takes courage to practice unconventional thinking, but it is a necessary step to spark creativity and make true progress. Innovation often means to mix something new with old; it’s important to expand the mental boxes and get a better understanding of the current boxes, figuring out “out of the box” solutions. One of the real challenges to innovation management is how to manage ideas, accelerate idea validation and streamline innovation processes. Identifying promising big ideas for investment will accelerate bold change, and continue to prioritize and adjust the strategy, to leverage the growth potential of the organization. It’s also critical to strike the right balance between ideation and execution of the innovation process, select the best of the best ideas, and best focus on organization’s limited resources to improve innovation success rate.
There are multiple innovation personas. Some innovators see themselves as the actual source of innovation. Other heads of innovations see their role to facilitate the corporate ideas and suggestion box in a rather passive manner. It’s better to have a level of rapport to ensure formal communications are not misinterpreted and partnership is enforced, critical domain knowledge centric activities are encouraged and business innovation driven initiatives are managed effectively. Innovation management needs to find creative ways to tackle the innovation potential lying in an enterprise; provide the necessary tools to unleash this creative force and to develop these tools further, with the goal to maintain the idea and innovation pipe of the company at any time.
Customer-centric innovation often happens at the intersection of people, process, and technology. When managing the innovation cycle, customer involvement at all stages often elicits highly valuable information, creating a context in which people can collaborate and they are empowered, respected, and make collective decisions, that is the essence of the people-centricity. It is important to have a heterogeneous group setting and let people view an idea from different perspectives, brainstorm diverse thoughts and ideas, apply thinking techniques, harness people-centric experiences for delighting customers and accelerating business growth.
Instead of being overly rigidly grouped around a specific function or business, an enriched innovation ecosystem enables systematic innovation management. From processes in managing ideas or idea handling systems to process in idea implementation & promotion, innovation needs a certain level of guidelines and rules, but overly rigid rules stifle innovation, causing business stagnation. In a basic view, innovation is a process and every process needs to be managed. Static or inflexible processes create friction, causing silos. Innovation ecosystem should cover the whole innovation process which has usually been defined with a wide-scope view, connect wider dots, become more dynamic to harness cross-functional collaboration and accelerate the speed of products/service deliveries.
Innovations in the digital era are coming at a seemingly much fast pace, with changes and potential disruptions. And therefore, innovation management also becomes more complex and dynamic. There are both innovation paradoxes and dilemmas that innovation leaders must deal with in order to overcome the challenges. Innovation management requires knowledge, involvement, and commitment. It is a set of means including methods that cover the process from the problem's choice till commercialization.
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