Innovation

Innovation management has a broader spectrum, addressing the innovation agenda forged by seamless alignments.

Innovation is about moving forward. In any business, if you are not moving forward, you are moving backward. Organizations need to get deeply immersed in designing, developing, and delivering innovative solutions to make their customers happier and people smarter, give people an impression on how organizations can meet their needs to solve problems and achieve higher-than-expected results consistently.

Nature of how implementation of the idea has to follow a logical path for the innovative solution: It takes the right people -those who share fresh insight, and have the requisite professional skills to develop fresh ideas. It takes effective processes that are valid and evolving to implement ideas; and it takes advanced technology that maintains and expands capabilities to support strategic priorities of innovation. The real challenge for organizations is to understand your priorities, and know where and how you can and should innovate, leverage available resources, provide a great opportunity for managing innovation, and keep improving products/services to delight customers.

People should be the center of innovation management and they are the major focus for innovation process and accomplishment. Innovation management needs to involve customers and different stakeholders, listen to their feedback, involve them in both idea generation and process implementation, focus on the most important things, boost the energy and excitement to achieve ultimate results better than expectation.

Appropriate key performance indicators for innovation management are more activity and directionally oriented: When managing innovation, reward and recognition systems that aim at promoting engagement and creativity are more important. A good key performance indicator is judged both by its connection to the business innovation objectives and by the mindsets, attitudes, and behaviors it reinforces. Innovation is risky; pay more attention to the dark side of KPIs, which discourages you from making mistakes.

An innovative business should establish key performance indicators and use business intelligence tools such as predictive analysis, 'what if' analysis and customer sentiment analysis to determine how changes to a process might negatively or positively affect the business innovation; use balanced scorecards to assess innovation performance, inspire creativity and encourage alternative solutions.

Orchestrate a broader ecosystem innovation beyond functional or business borders: Innovation often has a lot to do with external circumstances, and management tends to focus on internal circumstances. Companies today need to understand the dynamic competitive landscape, proactively look for ecosystem partners that can harness business innovation, orchestrate a broader ecosystem beyond functional or business borders, and demonstrate the benefits to the ecosystem with much broader impact.

The business economic environment plays an important role in sparking creativity and catalyzing innovation. Innovative companies leverage enterprise collaboration platforms or tools to develop innovation clusters or hubs that cross boundaries for enabling people to exchange ideas and catalyze digital innovation. Having close alliance and strong relationship management harnesses innovation competency and improves products/services reliability and adoption. Different shareholders get involved in various business activities and play significant roles in catalyzing innovation for unlocking business potential.

Innovation happens frictionlessly in an open environment. Innovation management has a broader spectrum, addressing the innovation agenda forged by seamless alignments. The multi-thread innovation management involves aligning initiatives, talent, resources, performance with the goals to achieve high performance outcomes. The business management needs to see the “big picture,” take a holistic view of the innovation management and lift innovation management to the next level.

Posted in: Innovation,IT Innovation,KPIs