Information can be used to create the intelligence that shapes a good innovation strategy and improves innovation excellence.
Thus, the innovation managers need to check: Where is the wisdom we have lost in knowledge? Where is the knowledge we have lost in information? Where is the information we have lost in data? How do the analytical and technical aspects of the workplace fit together directly impact the innovation of the company?
It's important to make data more “visible” to drive innovations, predict and respond to the emergent business properties, and create richer business value returns: Information is the invaluable asset of the business. You develop a predicting model based on the information you have from the past and you capture business insight via quality information on hand. Because no one can always forecast future technological advances or the next business and industry disruptor accurately, however, one can create an information based business system that will capture fresh business insight, recognize and capture technological advances as they appear.
Some trends are more significant than others in their impact on business growth. Information savvy business professionals not only ask the right questions but rather refine information, forecast potentials; risks/benefits; mitigation; compare & contrast options, clarify facts and ideas. With these business insights, organizations can acquire abilities to reshape new products, services, improve customer engagement, reinforce the digital characteristics of the business such as enlightenment and people-centricity, discover unexpected connections between the business and its rich environment, and shape the future together.
Innovation is about connecting wider dots; sometimes you need to be able to look for something “hidden,” which is not always so obvious, in order to make better assumptions, improve forecast precision in exploring growth opportunities or preventing risks. Quality information is one of the most intensive puzzle pieces in innovation management. In practice, too many people are stuck in the mud of the old ways of solving problems, there is a pervasive obsession for purely numerical success indicators that sweeps aside much more qualitative information that is crucial in the understanding of the health of the firm's innovation efforts, etc. Highly intelligent leading organizations can manage information excellently to capture business insight almost at the real-time. So information management effectiveness directly impacts the success rate of innovation management.
To make capacity planning effective and practical, innovation management should do the data based forecast, ensuring that innovation development does not proceed without a "clear business rationale." Organizations need to evaluate quantitative or qualitative business results generated by innovation efforts: Are you intending to evaluate the organizational capacity/potential to innovate, or the level of past innovation performance measures? Are you benchmarking innovation performance at the industrial scope? It’s important to improve capacity management effectiveness by keeping innovation processes transparent, enforcing accountability at all levels, and focusing on building long term innovation competency.
Information confluence means breaking down functional silos or geographical borders to streamline information flow and idea flow. Information can be used to create the intelligence that shapes a good innovation strategy and improves innovation excellence. Organizations acquire the information-based innovation and synchronization abilities to reshape products, services, and customer engagement almost real time for gaining competitive advantage.
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