Innovation

An enriched innovation ecosystem enables systematic innovation management to unlock collective potential and improve management maturity.

Innovation is about moving forward. There is no standing still. Companies have to be prepared to lose some to gain more for the longer term. Innovation is neither an oxymoron nor a serendipity; innovation is the means to the end, it should either benefit your customers or your employees.

 You have to manage it in a structural way to accelerate performance for achieving the consistent business result.

Innovation & investment: Every organization is different, every innovation initiative is unique, every vertical sector is different, investors are also different with varying expertise, there is no one size fits all formula to invest. Compared to the regular business initiatives, innovation investment has high risks, sometimes, it takes longer to get fruitful results. More and more responsible shareholders are realizing that the short term investment mentality or reckless management style is short-sighted and will eventually make their business irrelevant. Nowadays innovation is complex, there is a technology component in it, updated knowledge, unique talent are all crucial to innovation success.

Organizations have limited resources and time, even though there is abundant ideas flowing in the pipeline, insightful investors make an objective assessment of the innovation investment portfolio by asking questions: Why should we invest in what you are proposing? How to accurately project the economic impact of the proposed innovation initiatives. Would you eventually abandon the effort to follow convention? To keep innovation alive in organizations, it is necessary first, assure you are willing to make an investment with calculated risk. It requires the investment of time and dollars-in your associates, define measures appropriate to predict and assess the future revenue; leverage an investment value platform to justify critical business investments, broaden perspectives with important components, avoid pitfalls, deliver consistent results and generate multidimensional business value,

Innovation & civilization: The Digital Era upon us opens the new chapter of human progress; innovation is the means to the next level of civilization, philosophy is the compass of human civilization. Culture describes the state of growth of the journey on the way to civilization; in itself simply a description of a process rather than the plane of civilization one has reached.

As societal civilization evolves, we have more information and greater opportunity to explore “the art of possible.” The innovation manager should make sure that they have some creative members on the leadership team who focus on innovation, diplomacy, and strategy. Likewise, if her strength is leadership (visioning, guiding, coaching) then she should have good managers in her leadership team. Digital professionals today have to continue learning and updating their skills and building their professional innovation competency by playing varying innovation personas effortlessly.

Innovation & capability: In order to shorten the development cycle for adapting the ever-evolving business environment, innovation as a differentiated business capability is modular, dynamic, and nonlinear, having many visible and invisible business elements for improving organizational advantage. Look at innovation from the perspective of developing business-wide innovation capabilities A loosely structured, lightweight process as “constructor,” allows companies to connect with the various points of the spiral in different ways vertically or horizontally, to connect the right dots, and spur innovation all the time.

The unique innovation competency differentiates your organization from competitors. Innovation capabilities have outcomes; they collaborate with each other and are enabled by processes. You design the innovation capability, then model, execute, monitor, optimize, then again back to design, with the goal to enhance and accelerate an innovation management cycle to commercialize business ideas for achieving high value in consistent and structural ways.

Innovation can happen anywhere, anytime, it expands both horizontally and vertically. An Innovation ecosystem is a systematic innovation methodological environment or a sort of "professional philosophy" for innovation management. An enriched innovation ecosystem enables systematic innovation management to unlock collective potential and improve management maturity.

Posted in: Innovation