Thursday, March 24, 2022

Innovation

Managing innovation in a structural way is all about applying a scientific approach to problem identifying and solving.

Innovation is the specific phenomenon of the knowledge-based economy. The art and science of innovation is about how to deal with too much knowledge in terms of too many good creative ideas, and too little available resources. Scientific knowledge and management expertise, complementary assets, better access to capital, etc, increase the likelihood of investing in innovation.

 It’s important to keep connecting the wider dots if ever it makes sense and improve innovation effectiveness and maturity.


Innovation & robustness: Innovation is a non-linear process much akin to evolution; organization is a robust, adaptive system which is composed of, in part, of people, processes, and technologies. One can easily see the value of placing ideas into an environment of interaction/collaboration in which they can be tested and have the opportunity to evolve. Innovation Management is a dynamic system which needs to continue evolving and adapting, bringing greater awareness of idea flow, intricacies and the systemic value of organizational systems, resource alignment, business capabilities, people dynamics, and technological touches, etc, to accelerate performance.

To awaken innovation in the well-established organization, the dynamic digital organizations need to get away from letting things fall through and start creating an “integrated whole” by utilizing correct processes to build innovation competency. Innovation systems function, grow and prosper by continually adapting, evolving, and improving flexibility, versatility, and resilience of the company. Innovation has high risks, to improve organizational robustness and resilience, the risk management mechanism needs to be well embedded into both soft business factors such as corporate culture and hard organizational elements such as process; to improve risk intelligence and improve innovation success rate.

Innovation & commercialization: Innovation is how to transform novel ideas to achieve their commercial values. Innovation is the synthesis of idea generation and commercialization. In today's go-to-market business environment - the art of commercialization is becoming increasingly complex. The main innovation challenges organizations face when attempting to innovate is a consistent process through which they can develop an idea into fruition, with the ultimate delivery of a commercially astute outcome. In business reality, when moving forward, 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 mentality.

Many innovation initiatives fail, people need to learn how to incubate and commercialize ideas more successfully. If a company's focus swings too far to the commercialization side of the equation, then innovation suffers and vice-versa. There is transparency in follow-up of a system of the innovation process from the idea up to the implementation. Because ideas are built on other ideas and that idea combination is a powerful technique, and the chain of ideas keeps the organization energetic and people engaged. It’s also critical to invite customers into conversations, implement ideas to meet their needs, and improve innovation effectiveness.

Innovation & speed: Timing is everything to deal with “VUCA” new normal, from idea generation to idea implementation, speed matters for winning customers and gaining market shares. Speed matters because it doesn’t take long for ideas to get stale due to the rapid changes and overwhelming growth of information. Innovation management needs to make adjustments to the speed with which new ideas are created and how fast well-selected ideas are brought to market.

One of the real challenges to innovation management is how to accelerate idea validation and streamline innovation processes. Having a large number of ideas is a good thing as long as you can get the best attributes of the ones you like and combine them into a solid implementation and outcome. Information is one of the most time-intensive pieces of the innovation puzzle, the speed of information flow directly impacts the speed of the business innovation.

Organizations are the robust and adaptive living system business leaders should think as an entrepreneur and act as a startup manager. Managing innovation in a structural way is all about applying a scientific approach to problem identifying and solving, embracing uncertainty, identifying interconnections and interdependencies, encouraging learning and understanding flows, in order to decode innovation serendipity and improve its success rate.







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