Enterprises that are able to successfully innovate at a breakthrough level can increase the likelihood that they will build long term advantage.
Innovation management should establish an effective framework to orchestrate innovation in a systematic way: A comprehensive innovation framework with all important enterprise components is a great tool to intensify innovation with focus and manage innovation in a structural way. The business needs innovation silver lining from specific tools rising to an overall creative problem-solving system environment, as well as differentiated, dynamic innovation competency. The crucial components of innovation management include innovation leadership, innovation culture, innovation capability, practices, tools, recognition system measurements, risk approach, etc.
Information Technology is the linchpin to build differentiated innovation competency. Organizational leaders need to perceive information technology as a silver lining for business growth and leverage IT to drive value across the business. Innovation portfolio management processes are important, but it doesn't mean all product development should follow a prescribed process that stifles innovation. The framework provides innovation, management principles and guidance. But every innovation initiative is different, it’s critical to take a customized approach, look for investment initiatives to be justified and governed on the basis of business benefit delivery, return on investment.
Innovation portfolio includes both incremental innovations and breakthrough innovations; hybridity is the fitting style for managing it: The breadth of innovation is dependent on the interdisciplinary understanding of the patterns and information clues behind the puzzle. The depth of innovation is to dig into the root cause of issues, and figure out the best technique to solve it in an alternative way. Knowledge and creativity are the two faces of the same coin of innovation. Companies must compete by creating corporate cultures and labs with fertile ground for generating new ideas and inspiring creativity.
We are stronger through diversity and become ultra-modern through inclusiveness. The powerful platforms and collaboration tools are crucial enablers to inspire brainstorming, build the organizational innovation capacity and increase the probability of innovation success. In practice, on one hand, create a sense of urgency to deal with tight time pressure; on the other hand, take the time to ride the innovation curves. You could consider all innovations hybridized in that sense. Innovation breakthroughs that really hit the spot are often the radical new approach, overcoming the panic of doing breakthrough innovation, makes a leap to the next level of the growth cycle.
A boundaryless integral global innovation ecosystem should fully cover a wide enough direction and amplify innovation effects: An innovative workplace provides maximal freedom for ideators, encouraging implementers to optimize processes for converting an idea into innovative solutions. People can grow, become more boundaryless, communicate, participate, negotiate, and cooperate to reinvent, discern and shape their viewpoints, challenge the limits of traditional thinking, generate chains of thought-provoking ideas continually.
There is more flow of creative ideas, the better opportunities to reap the benefit from innovation, build up a strong innovation engine, and further evolve to weave an open and dynamic innovation ecosystem. Organizations can work toward an innovation ecosystem view, which incorporates the virtual aspects of the knowledge system, innovation, ingenuous problem-solving, and deal with those innovation paradoxes smoothly. People are the center of innovation, neither processes nor tools. A recognition system and high visibility for all positive contributions will help in creating a culture of innovation and achieve innovation excellence.
Innovation is no longer a “nice to have,” but “must have” unique business capability to keep growth momentum. Developing people’s innovative mindset and building business innovation competency raise different "learning" issues that organizations must deal with smoothly. Enterprises that are able to successfully innovate at a breakthrough level can increase the likelihood that they will build long term advantage.
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