Compared to traditional business initiatives, innovation has high risk and high return, with a high failure rate.
Trust is a key component of empowerment; empowerment is the great ingredient of innovation. There are sweet spots, also some bitter bites in innovation management. Innovation needs to be introduced all over the spectrum of idea management, and become part of the corporate culture to renew creative energy fluently.
Be inclusive to embrace diverse viewpoints for idea generation and be interdisciplinary for idea implementation: Organizations have great opportunities to catalyze innovation and lead business evolution. Innovation becomes more complex, requiring cross-functional collaboration. Thus, the partnership is a critical component in the innovation management. Organizations not only need to build a cohesive relationship with various stakeholders, but also develop the varying business partnerships within its ecosystem and apply nonlinear logic to improve innovation excellence.
Radical/breakthrough innovations are not something everyone can accomplish. To improve innovation performance and keep digital fit, companies should develop the capacity and capability for idea management, improve business transparency, move closer to enhance organizational harmony and efficacy, and improve idea management success rate.
Innovation involves business process management with the right level of guidance and a substantial review of the idea management cycle: Innovation is the process which can be managed. Lots of ideas mean you will fail if you do not have a screening process to systematically evaluate them and a robust process to implement them. There are many innovation pitfalls such as: disconnects that occur between the birth of a concept and the process of turning it into a reality: lack of transparency in follow-up of the innovation processes from the idea up to the implementation; or lack of trustful business relationship which will lubricate the business processes to further enforce innovation effectiveness, etc.
Innovation outcomes can be produced by integral processes of strategy, information technology, change, people, performance management. The right level of guidance and process is important for taking structural approaches to transform ideas for achieving their commercial business values. But overly rigid processes or too ‘pushy’ goals will create bottlenecks and stifle innovation performance. Special attention has to be focused on the idea assessment part of the innovation management process, offering fresh insight and added value based on the ecosystem understanding.
It is critical to create an open space to keep ideas flowing, generate differentiated business value: Innovation processes could be very loose on purpose; it's critical to foster a culture of innovation across functional disciplines and embed innovation management mechanisms into the corporate processes. If the company doesn't have "the expectation of innovativeness" in their culture, innovation training is all for naught. An innovative culture is usually outward-looking rather than insular. It’s important to apply collaboration platforms and tools for sharing ideas and collaborating, increase participation; be able to cultivate an environment that encourages independent thinking, learning and idea generation.
Usually cultural reinvention is difficult. Everyone is influenced by culture but just a few can influence culture. As leaders, cognizance and expertise are the key to becoming a cultural influencer. Information is the custodian of data assets that can be applied in new and different ways to develop a culture of innovation, catalyze innovation and generate massive business value that far exceeds the business’s expectation.
Compared to traditional business initiatives, innovation has high risk and high return, with a high failure rate. Managing innovation in a structural way is all about unlocking imagination, updating knowledge, connecting wider dots to spur creativity, taking alternative approaches to problem solving, embracing uncertainty, identifying interconnections and interdependencies, in order to improve the success rate of innovation.
Be inclusive to embrace diverse viewpoints for idea generation and be interdisciplinary for idea implementation: Organizations have great opportunities to catalyze innovation and lead business evolution. Innovation becomes more complex, requiring cross-functional collaboration. Thus, the partnership is a critical component in the innovation management. Organizations not only need to build a cohesive relationship with various stakeholders, but also develop the varying business partnerships within its ecosystem and apply nonlinear logic to improve innovation excellence.
Radical/breakthrough innovations are not something everyone can accomplish. To improve innovation performance and keep digital fit, companies should develop the capacity and capability for idea management, improve business transparency, move closer to enhance organizational harmony and efficacy, and improve idea management success rate.
Innovation involves business process management with the right level of guidance and a substantial review of the idea management cycle: Innovation is the process which can be managed. Lots of ideas mean you will fail if you do not have a screening process to systematically evaluate them and a robust process to implement them. There are many innovation pitfalls such as: disconnects that occur between the birth of a concept and the process of turning it into a reality: lack of transparency in follow-up of the innovation processes from the idea up to the implementation; or lack of trustful business relationship which will lubricate the business processes to further enforce innovation effectiveness, etc.
Innovation outcomes can be produced by integral processes of strategy, information technology, change, people, performance management. The right level of guidance and process is important for taking structural approaches to transform ideas for achieving their commercial business values. But overly rigid processes or too ‘pushy’ goals will create bottlenecks and stifle innovation performance. Special attention has to be focused on the idea assessment part of the innovation management process, offering fresh insight and added value based on the ecosystem understanding.
Usually cultural reinvention is difficult. Everyone is influenced by culture but just a few can influence culture. As leaders, cognizance and expertise are the key to becoming a cultural influencer. Information is the custodian of data assets that can be applied in new and different ways to develop a culture of innovation, catalyze innovation and generate massive business value that far exceeds the business’s expectation.
Compared to traditional business initiatives, innovation has high risk and high return, with a high failure rate. Managing innovation in a structural way is all about unlocking imagination, updating knowledge, connecting wider dots to spur creativity, taking alternative approaches to problem solving, embracing uncertainty, identifying interconnections and interdependencies, in order to improve the success rate of innovation.
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If your article is in a paper journal, you can simply check the cover.
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