Innovation governance is neither linear nor single dimension. It's less about control, more about enablement and intelligence.
Organizations should identify patterns for effective governance that advocate innovation: Innovation is doing something better than it currently is, taking alternative approaches to solve problems. Hence, it requires a sound and competent understanding of what is currently being done, diagnosing ineffectiveness or pain points of the company. Organizational management should enhance cross-boundary communicating in harmony, integrating in coherence for their governance efforts.
In practice, sometimes governance standards can be taken too far and become their own bureaucracy. In that case, innovation would be stifled. Therefore, the right level of innovation governance guidance and process is important, but overly rigid processes or too pushy goals will stifle innovation. Innovation governance needs to be integral for harnessing innovation. That requires a platform approach to set good principles, optimize processes, and embed governance mechanisms into innovation disciplines. You do not implement GRC, you earn it through repeated practices, and you innovate it through the next practices.
Look at innovation and governance as a continuum: When you say innovation, you could really mean maximizing value to the business, when you say governance you could mean minimizing risk. They are complementary to achieve a premium business result. Forward-looking leaders encourage open critical debate, fresh perspective, and they appreciate the collective insight of how to innovate successfully by enforcing governance smoothly.
Innovation implies high return on investment and high risk. Sometimes, traditional governance restricts and even actively discourages innovation that is not based on the organization’s current capability. That perhaps make them lost opportunities to grow and innovation timely. Innovative organizations have the right dose of risk appetite, and build governance as an effective tool to facilitate innovation. If there is an innovative idea; the governance mechanisms dictate how that idea is fostered from inception to retirement.
High-effective governance can amplify or ameliorate the effects of innovation management practices: The context for corporate governance includes a wide range of circumstances and capabilities which are subject to constant organizational variability. Governance is a strong tool to improve innovation effectiveness. Innovation, engagement, motivation, etc, are all crucial soft success factors of strong governance. The positive impacts come from corporate governance good practices on the business innovation performance.
The leverage point is to let innovation shine via the effective governance discipline, but not adding too much complexity or bureaucracy. Innovation leaders shape their philosophical perspectives all the time, share their vision and insight consistently, optimize flexible business structures and functions to build a healthy working environment in which people can communicate and collaborate cross functionally to develop creativity and catalyze innovation.
Without effective GRC discipline, the business will face significant risk for surviving, and it brings uncertainty and risks in innovation management. Innovation governance is less about control, more about enablement and intelligence. Innovation cannot be separated from a specific business purpose and in a broad context, governance is critical for meaningful innovation to deliver business value.
In practice, sometimes governance standards can be taken too far and become their own bureaucracy. In that case, innovation would be stifled. Therefore, the right level of innovation governance guidance and process is important, but overly rigid processes or too pushy goals will stifle innovation. Innovation governance needs to be integral for harnessing innovation. That requires a platform approach to set good principles, optimize processes, and embed governance mechanisms into innovation disciplines. You do not implement GRC, you earn it through repeated practices, and you innovate it through the next practices.
Look at innovation and governance as a continuum: When you say innovation, you could really mean maximizing value to the business, when you say governance you could mean minimizing risk. They are complementary to achieve a premium business result. Forward-looking leaders encourage open critical debate, fresh perspective, and they appreciate the collective insight of how to innovate successfully by enforcing governance smoothly.
Innovation implies high return on investment and high risk. Sometimes, traditional governance restricts and even actively discourages innovation that is not based on the organization’s current capability. That perhaps make them lost opportunities to grow and innovation timely. Innovative organizations have the right dose of risk appetite, and build governance as an effective tool to facilitate innovation. If there is an innovative idea; the governance mechanisms dictate how that idea is fostered from inception to retirement.
The leverage point is to let innovation shine via the effective governance discipline, but not adding too much complexity or bureaucracy. Innovation leaders shape their philosophical perspectives all the time, share their vision and insight consistently, optimize flexible business structures and functions to build a healthy working environment in which people can communicate and collaborate cross functionally to develop creativity and catalyze innovation.
Without effective GRC discipline, the business will face significant risk for surviving, and it brings uncertainty and risks in innovation management. Innovation governance is less about control, more about enablement and intelligence. Innovation cannot be separated from a specific business purpose and in a broad context, governance is critical for meaningful innovation to deliver business value.
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