Innovation

Business leaders and professionals should lay out different thinking, structures, and solutions to see the world as an interconnected, interdependent and integrated ecosystem.

The essence of innovation is to solve problems creatively. Digital innovation has a broader spectrum and comes in many flavors. There are many ways to differentiate and, therefore, there are many ways to pursue innovation. Businesses today have to make strategic choices all the time about where and when and how they innovate, putting emphasis on identifying innovation hotspots, and building innovation competency.

Innovation & alignment: Innovation has a very low success rate. It is a cautionary tale that often needs to break down outdated rules or inflexible processes, keep processes transparent, and enforce accountability at all levels. Innovation management needs to align resources, talent, and integration, implementation plans with the strategic goals and objectives; improve innovation capacity management effectiveness.

To expedite the business innovation cycle, those organizations that have innovative vendor alliances can be more responsive to changes, have better chances for the success of reinvention. Building a strategic alliance and business partnership is a “soft,” but an important step in leading innovation. It is imperative to overcome objections or roadblock by encouraging communication, harnessing partnership, and engaging employees, to ensure long-term business success. In terms of innovation alliance, the management should ask insightful questions to clarify goals and means, make cross-boundary communication & collaboration to scale up innovation effectively, and enable organizations thriving for the long run.

Innovation & investment: Innovation management is to transform fresh ideas to achieve its value. Innovation investment management needs to ensure that they are investing in good ideas as an “innovation catalyst” by taking a scientific approach, creating headroom for business growth. The logical investment scenario helps an organization assess whether the new business model or initiative is the right investment to be done in the first place, and ensure the expected return on investment.

To inspire a culture of breakthrough innovation, you should rather reward taking risks, fail fast & forward, and learn from failures to innovate effectively. The investment assessment includes things such as growing tendencies, resources consumption, cost-benefit analysis. Return on Investment tells how well organizational innovation investment repays the company, focusing on benefits generation, returning on investment and contribution to building innovation competency.

Innovation & viability: To improve organizational innovation competency, forward-thinking organizations aren't sacrificing the long-term viability of the management portfolio for short-term rewards. The viable businesses are solid enough to give some sort of form and meaning and open enough to its environment allowing the movement of information, ideas, and people in and out smoothly. Businesses today need to have both interdisciplinary knowledge and in-depth understanding of business context to innovate and scale up its impact, improve business strategic responsiveness and fine-tune a viable digital organization.

In essence, innovation rejuvenation is truly about how to cultivate a culture of innovation and manage a balanced innovation portfolio. Viable organizations can integrate, build, and reconfigure dynamic competences to address rapidly changing environments, producer impressive business outcomes. They improve their performance by taking continuous digital practices to develop business competencies including innovation capacity. They can develop an innovative workforce to maintain viability and achieve high-quality business results for strategic effects.

For many companies, innovation is still serendipitous. There are various reasons to cause innovation failure. Business leaders and professionals should lay out different thinking, structures, and solutions to see the world as an interconnected, interdependent and integrated ecosystem, take structural innovation efforts, help more people, businesses, industries, and societies for unleashing collective human potential.

Posted in: Creativity,Innovation