Innovation is one of the most powerful forces to advance human society.
The value-based innovation management needs to be driven by concepts like collaborative value or collective advantage, to generate business value and accelerate performance, improve organizational changeability and innovation capacity.
Innovation journey is a value-added, broader and longer journey: In many well-established organizations, innovation is lip service. To improve innovation competency of the organization, innovation leaders must "walk the talk" by living the company's values, and create expectations of greatness for everyone in their organization. Otherwise, organizations will become irrelevant if they cannot innovate effectively and their people get stuck in the “we’ve always done things like that” mentality for too long.
Innovative workplace is based on all crucial factors such as culture, method, people, technology, etc. Walking the innovation talk is a well-prepared, and business focused journey with ups and downs; leaps and jumps, bumps and curves, perils and pitfalls on the way. Innovation shouldn’t distract the organizations from achieving their strategic goals, rather it needs to become an integral part of strategy management. Fundamentally, what distinguishes high performing innovative organizations from others is the recognition that focus, innovation, cost, and execution, all need to be fine tuned, to improve competitive advantage, and achieve high performance results.
It’s important to explore need-based innovation management: Today’s technology enables companies to leverage their various environments, or ecosystems, to lead innovation and accelerate performance. Innovation management is not just about generating innovation/ideas, but rather the processes to take ideas to realize the value. Certain ideas or opportunities will have more business appeal than others - and given that resources are limited.
The goal of need-based innovation is to seek out both articulated and unarticulated customer needs and then, to try to get their new products to market first. When looking for results of innovation practices, it is not a question of knowing what the best answer is based on theory, What actions will lead to desired outcomes that matter. It’s important to engage cross-functional staffing, user communities for collecting feedback, co-generating fresh ideas, and converting ideas to implementable business initiatives.
Innovation governance is less about controlling, more about repurposing, realignment and integration; Innovation cannot be separated from a specific business purpose and in a broad context. Governance is critical for meaningful innovation, expanding and scaling up innovation practices and effects in the business ecosystem. It’s always important to enforce workforce deployment and development; enhance innovation governance practices cross-enterprise.
Innovation has higher risk than any other types of business initiatives. Sometimes, traditional governance restricts and even actively discourages innovation that is not based on the organization’s current capability. That perhaps makes them lose opportunities to grow and innovate timely. The value proposition of good governance and brand should be integrated within and across operations not siloed off in a box and improve the success rate of business innovation. Innovation implies high return on investment and high risk.
Innovation is one of the most powerful forces to advance human society. There is much in the world we do not know nor understand and because of that limitation, we need to choose to continue to learn, grow, innovate; and empower people to learn and grow too. Bridge the gaps and pressures that might push our creative minds to soar and also push the organization to put more emphasis on innovation management effectiveness.
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