Innovation

Strong innovations are almost always information intensive, process intelligent and evolutionary.

Innovation becomes simply creating value by solving simple or complex problems in alternative ways. Innovation is not serendipity, but a managed process to capture business trends, figure out what the customers needs, share unique business insight as to what innovation capacity can provide, retool interdisciplinary management discipline to model powerful collaboration for building unique innovation competency and achieving high performance results consistently.

 

Ensure ideas are heard, not slapped down: Many of today’s business problems are complex, innovative problem-solving is about discovering patterns, connecting related dots to discover alternative solutions. Defining the right problem is a halfway to solve it.What is the real problem, why is that a problem, It’s worthwhile considering why things are the way they are for, in doing so, you are challenging automatic assumptions that something needs fixing. In fact, looking at the problem from a different angle or understanding the issues holistically via multi-disciplinary lenses is a critical step in innovative problem-solving.

It’s important to see larger problems with interactive pieces and conflict goals; understand the interdependent components and underlying connectivity. A wave pattern of expanding and consolidating ideas and an open feedback-feedforward cycle are critical to provide insight into the emergent properties, and gain an accurate understanding of the overall situation. Eventually, ideas need to be fresh and implementable; feedback should always be genuinely precise, proper and substantive. So the management can become more resourceful to solve problems creatively.

Stretch up, but not stress out, to create a sense of urgency under tight time pressure: Change is the journey, not just a destination. Innovation is the most desired change for making a leap of collective progress. Being innovative is a state of mind. Thus, mind-shift is one of the most challenging parts of management to build an innovative culture. It’s important to create a sense of urgency, set the right priority, stretch up, but not stress out for boosting creative energy to solve problems innovatively.

When people get stuck in the old routine and comfort zone, they barely survive the whirlwind of daily busyness, keep doing things in the old way and stifle innovation. It’s important to develop a working environment in which talented people keep their curiosity, dare to challenge the status quo, have time management skills, practice creative thinking, broaden thoughts and connect wider dots for coming up with alternative solutions to tough problems, and improve organizational innovation maturity.

Trying to make improvements in their workflow within a system can accelerate incremental innovation based on continuous improvement: Innovation can be categorized into "incremental innovation" and "radical innovation." Innovation like most aspects of learning is best started with small frequent improvements within any organization. Incremental innovation has an equal notion or concept with continuous improvement, focusing on improving part of the business process or capability to solve problems innovatively.

Sometimes “logically" focused on only the most important current problems with the product or service are exactly the reason why innovation projects are often found to be risky and fail. The incremental innovation always starts with a small objective, aiming to achieve, Incremental design requirements most often produce incremental innovation results and financial returns. Incremental innovation generally brings short-term value additions or competitive advantage.

Define the right set of KPIs to measure innovation: Innovation is the process that can be managed. You can only manage what you measure. It’s important to select the right set of KPIs by deciding which are seen as critical to make the trackable progress. The fewer, the better, but they have to be credible and relevant in the eyes of the stakeholders. Because metrics are part of transparent visual management allowing the business pulling resources and assets together to initiate management practices and deliver high-performance business results.

In practice, the problem for innovation measurement is often that the initiative is not well defined. Metrics are not the end-all solution to management, but simply another set of tools, data, and information sets to help the business make continuous improvement. Do not just measure innovation with lagging financial metrics only. The well-selected measurements help to clarify some critical issues such as the revenue generated by innovations launched in a certain time frame; the tangible value that innovative products/services/processes/business models have brought to customers, or the causes of some innovation failures, etc. The performance metrics have to be credible and relevant in the eyes of stakeholders, truly help the business improve their innovation capacity and differentiated competency.

Due to the “VUCA” digital new normal, in leading organizations, changes & innovations shouldn’t wait until there is an immediate pressing task. Digital leaders must realize that proactive innovation management and continuous adaptability are necessary in a rapidly changing world. Digital leaders must realize that proactive innovation management and continuous adaptability are necessary in a rapidly changing world.Innovation is an exploration, production, adoption, assimilation, and exploitation of value-added novelty in business, economic and social spheres.

Posted in: Innovation,KPIs,Principle/Practice