Only business initiatives that support the achievement of strategic objectives should be implemented with top priority.
There are different flavors of business initiatives which require varying focal points, apply effective technologies, tools or methodologies to solve problems, optimize business management capability and capacity, unlock business potential consistently, and add value to corporate growth in the long term.
Initiate customer-centric innovation breakthrough: People become a focal point in the digital era. Initiate customer-centric innovation is about involving customers in innovation related conversations, so ideas often result from the feedback of customers. Customers may not always exactly know the "products" they want, but they clearly understand their needs and pains, so involve them as early as possible in the process; they can provide insight into their goals, their process, their problems, and their context. Define the most compelling and unique approach to address customers’ needs; analyze the benefits per costs, and quantify why that chosen one is better than the competition and other alternatives.
Taking breakthrough innovation initiatives is usually risky as it is at the most of the time, a bottom-up process. Unidentified risk is, at best, unmanaged and, at worst, mismanaged by the application of knowledge, results in unintended consequences. Risk management needs to be an integral component of such breakthrough innovation. The top leadership team needs to set the right risk appetite, develop risk intelligence, help the organization win competitive advantage by combining different choices about target markets, offerings, channels, and partnerships, enhance customer feedback-feedforward cycle, to search for great ideas, spur breakthrough innovation,
Initiate knowledge transfer innovation: Knowledge does not stand still, knowledge doesn’t always inform you of true understanding, and knowledge is not an isolated fact, but needs to flow and transfer for achieving its business value. Innovation happens at the intersection of people and knowledge, knowledge and process, etc. Knowledge transfer innovation is about taking knowledge from one context and brings it over into a new context for generating novel ideas.
Initiate customer-centric innovation breakthrough: People become a focal point in the digital era. Initiate customer-centric innovation is about involving customers in innovation related conversations, so ideas often result from the feedback of customers. Customers may not always exactly know the "products" they want, but they clearly understand their needs and pains, so involve them as early as possible in the process; they can provide insight into their goals, their process, their problems, and their context. Define the most compelling and unique approach to address customers’ needs; analyze the benefits per costs, and quantify why that chosen one is better than the competition and other alternatives.
Taking breakthrough innovation initiatives is usually risky as it is at the most of the time, a bottom-up process. Unidentified risk is, at best, unmanaged and, at worst, mismanaged by the application of knowledge, results in unintended consequences. Risk management needs to be an integral component of such breakthrough innovation. The top leadership team needs to set the right risk appetite, develop risk intelligence, help the organization win competitive advantage by combining different choices about target markets, offerings, channels, and partnerships, enhance customer feedback-feedforward cycle, to search for great ideas, spur breakthrough innovation,
Knowledge basically involves the human factor and captures the benefit of someone's experience, or collective insight, then applying it and making it available to broader audiences, spur fresh ideas, or initiate knowledge transfer innovation. In a creative working environment, people can benefit from the combined intellectual asset of knowledge and experiences. Knowledge assets are a blend of resources, not a single asset, its integrity, availability, and confidentiality, accessibility can be crucial to catalyze knowledge transfer innovation, and build its competitive advantage.
Initiate ecosystem orchestration: Organizations are like different switches connected into a hyper connected business ecosystem with the very characteristics of variety, complexity, diversification, and collaboration. There are many components in an effective ecosystem; each component by itself may not cause a good environment, but collectively, they can orchestrate cross-functional collaboration, create business synergy, and build differentiated business competency. An information-empowered business ecosystem can reconfigure its own structure, reinvent its functions, and change its own behavior pattern with synchronized speed.
Change in today’s digital world has become increasingly complex in nature, it’s usually a collaborative effort, especially the large-scale innovations require mass collaboration across the business ecosystem. Instead of being overly rigidly grouped around a specific function or organization, an enriched innovation ecosystem enables multi-industrial collaborations, and draws together mutually supportive companies from multiple industries that collectively seek to create the differentiated value they could not reach alone, amplifying the change effect.
The new paradigm arises out of new knowledge, the hybrid way of communication, information-based problem-solving and cross-disciplinary innovation. Only business initiatives that support the achievement of strategic objectives should be implemented with top priority. A real-time organization fine-tunes lightweight business processes that allows information and ideas flow frictionlessly, refines them into business value, keeps eyes on what matters, identifies what generates the most value for the company and expresses that in strategic objectives, analyzes potential pitfalls, sets the right priority to manage business initiatives portfolio effectively.
Initiate ecosystem orchestration: Organizations are like different switches connected into a hyper connected business ecosystem with the very characteristics of variety, complexity, diversification, and collaboration. There are many components in an effective ecosystem; each component by itself may not cause a good environment, but collectively, they can orchestrate cross-functional collaboration, create business synergy, and build differentiated business competency. An information-empowered business ecosystem can reconfigure its own structure, reinvent its functions, and change its own behavior pattern with synchronized speed.
Change in today’s digital world has become increasingly complex in nature, it’s usually a collaborative effort, especially the large-scale innovations require mass collaboration across the business ecosystem. Instead of being overly rigidly grouped around a specific function or organization, an enriched innovation ecosystem enables multi-industrial collaborations, and draws together mutually supportive companies from multiple industries that collectively seek to create the differentiated value they could not reach alone, amplifying the change effect.
The new paradigm arises out of new knowledge, the hybrid way of communication, information-based problem-solving and cross-disciplinary innovation. Only business initiatives that support the achievement of strategic objectives should be implemented with top priority. A real-time organization fine-tunes lightweight business processes that allows information and ideas flow frictionlessly, refines them into business value, keeps eyes on what matters, identifies what generates the most value for the company and expresses that in strategic objectives, analyzes potential pitfalls, sets the right priority to manage business initiatives portfolio effectively.
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