Innovation is not an overnight phenomenon, but an adventurous journey to overcome challenges, transform great ideas to achieve commercial value.
Innovation starts with a vision, implemented via collaboration: Despite the fact that there is a clear line between influencing and predicting what is to come, having the ability to predict is important for, and helpful in, influencing the future and take initiatives to innovate proactively. Forethoughtful companies are able to leverage emerging technologies, efficient apps, and tools to lubricate business processes, rejuvenate organizational culture, enforce cross-functional communication and collaboration, and catalyze innovation. Innovation can happen anywhere across the organization and its ecosystem, the most powerful innovation navigation system involves tapping the organization's ecosystem for collective perspectives and knitting all critical business elements such as people, process, and technology into differentiated innovation competency.
Innovation is creative power to build unique capabilities, explore emerging opportunities, design new business models, and investigate hidden paths for accelerating growth. We all know we don't live in an ideal world where we can pick the perfect innovation team. Many good ideas get wasted simply because the innovator fails in engaging in talented people as well as in adapting to their input. If innovation starts with a vision, it's primarily a journey through which the innovator has to interact with others on how to innovate; what’s the best and next practice to innovate.
Bridging innovation execution gap requires a systematic execution scenario with clear-defined stages, decision-making parameters, performance thresholds, metrics selections: Learn your business, and its strategic imperatives. Build a good innovation strategy to drive value-added innovation. The innovation classification is based on the position of the concept in the evolution tree. Innovation execution is a significant part of overall strategy execution; Innovation management portfolio comprises the right mix of incremental innovation and breakthrough innovation. Return On Investment value proposition of innovation initiatives should be an overall measurement based on the combination of cost, schedule, quality, performance, and satisfaction of the customer, users, and stakeholders
Compared to other types of business initiatives, innovation has usually high return and high risks. Innovation practitioners are the people who identify, develop, select and implement the initiative to reach high return on investment. To catalyze innovation in the traditional well-established companies, create a disciplined, managed space for developing and testing new models, products, and business approaches, shielding innovation teams from the organization’s dominant logic or established standardized operating procedures, protecting existing operations and brands, and establishing clear proof-of-concept before making investments to launch and scale. The “on-value” evaluation of an innovation management portfolio should be an overall performance measurement based on the combination of cost, schedule, quality, performance, and satisfaction of the customers or shareholders.
Highly innovative organization is to create organizations in which creativity is a significant part of business climate: Taking a few innovation efforts is the management discipline; being innovative is a state of mind; building an innovative culture is a collective mindset and attitude to advocate innovation by assessing: What about the right innovation climate? How about your personal climate, your team climate or your organizational climate? All those are soft touches of nurturing an innovative workforce. If you have or develop the right culture, then everything else can be connected.
Corporate innovation stagnation is caused by overly rigid organizational structure, culture inertia, etc. Organization's innovative culture needs to be more “coorpetitive” – encouraging corporation and healthy competition, and risk tolerant – taking calculated risks for achieving more. It doesn't mean you should reward "failure" as such; but to inspire the culture of innovation, you should rather reward taking risks. Technically, the real power of emerging digital platforms and collaboration tools comes from the innate appeal of social interaction and intellectual stimulation that people derive from sharing what they know, expressing opinions, brainstorming new ideas, and co-solving problems creatively.
Innovation is not an overnight phenomenon, but an adventurous journey to overcome challenges, transform great ideas to achieve commercial value. Instead of being overly rigidly grouped around a specific function or business, an enriched innovation ecosystem is dynamic, expansive, interdependent, and hyper-connected, enabling cross-boundary communication, engaging in multi-industrial collaborations, and improving innovation management maturity.
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