Monday, May 22, 2023


The ultimate goal for innovation management is to create business differentiated value.

Information technology brings an unprecedented level of convenience. The ways of doing business and meeting customer expectations both tend to be more adaptable than the siloed industrial age. There are many components in an effective innovation ecosystem, each by themselves may not cause a good environment, but collectively, they can build a set of unique innovation capabilities.

 Adherence glues up different business factors into innovation competencies for responding to changes quickly, and accelerating organizational performance smoothly.

Objectives of compliance with policies, and adherence to risk management mandates can and should be tied in with business innovation management:
The innovative companies continuously invest in their team’s skillsets, balance control and autonomy, define innovation performance indicators which take into consideration the possible implication on creating unique business value. Due to an over-complex and ever-evolving environment, the business innovation management fails because sometimes organizations fixate on methods adherence and not use a wider and more pragmatic range of alternative approaches and adaptations of new methodology.

More and more responsible shareholders are also realizing that the short term investment mentality or reckless management style is short-sighted and will eventually lead to chaos. It's important to strike the right balance of maintaining the strong adherence to focus on doing things efficiently; and being flexible to take alternative paths to encourage creativity; balance long term perspective and short term focus, to implement business goals successfully.

Innovation center of excellence functions as guidance with flexibility through established guardrails rather than adherence to a rigid track of business governance: The purpose of the Center of Excellence is governance. A single source of Truth makes sense, it brings with it more control, governance, flexibility. Sometimes governance standards can be taken too far and become their own bureaucracy. In that case, innovation would be stifled. The right level of guide and process is important, but overly rigid processes or too pushy goals will stifle innovation.

GRC is and remains the purview of innovation management. Sometimes the term center of excellence comes across as a know-it-all, turns to be the sign of a dysfunctional organization, as it becomes the other “silos” aloof and apart from the business management. The success of an innovation center of excellence will work best if the company is uniform in structure and the data that is required, integrate effective processes and practices, lead continuing education and learning, and continue to develop the best and next practices to achieve innovation excellence.

Organizations should maintain strong adherence to the business brand: Corporate branding is actually an important component of business management. A typical brand value-chain includes such activities as identifying what the brand stands for, how the company wants its stakeholders to perceive the brand name, the connotation it wants its stakeholders to associate to, and the primary activities through which the brand name gets communicated, spread out.

If you cannot clarify what your brand reflects, the value, purpose, the innovative products/services you’re supposed to deliver; you will lose credibility, increase mistrust, and hurt your brand name as an innovator. The organization's brand equity is the key asset of concern when it comes to the question of reputational risk. Business leaders and professionals take seriously about their brand , have intention to build a strong brand, and get an in-depth understanding of their brand in context -value, vision, unique strength, competency, etc.

The ultimate goal for innovation management is to create business differentiated value. Though both quick win and long-term return on investment for innovation are crucial, do not compromise the long-term viability of the portfolio for only short-term quick win over solving problems innovatively, and pursuing ultimate business goals dedicatedly.


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