Innovation has a broader spectrum, hybrid nature, and deep context. There is alignment, alliance, and accountability, behind innovation renewal.
The success rate of innovation can be improved through building strong innovation leadership, establishing open frameworks, enhancing management disciplines, defining and evaluating the right set of metrics to create a healthy innovation portfolio in a systematic way.
Focus on the deliverables of innovative solutions by which the scope and granularity of the models are created and improve innovation effectiveness and maturity: Look for creative, cost-effective opportunities to develop cross-functional teams for solving problems alternatively. Innovative solutions help the business explore hidden dimensions of growth, harness cross-boundary communication, and cultivate the culture of creativity. For each problem that is worth the effort, we should ponder value-added, alternative solution scenarios. It’s critical to understand the paradox of innovation and strike the right balance between ideation and execution part of the innovation management.
Heterogeneous team setting spurs innovation if team members are complementary in mindsets, experiences, capabilities; brings together people who would not typically have the opportunity to communicate in the day-to-day operations, so they can work togethers to brainstorm and come up with innovative solutions. Innovation usually involves disabling some of the old “wirings,” and making new connections; use an out-of-the-box method to identify unconventional solutions, and compare it to conventional solutions from economical, process, or people-centric lenses
Creativity is the most needed professional competency. You can feel the creative tension when you sense the freedom to be creative, the harmony not via compliance only, but through idea sharing and open debating. Just as we find energy is released from one steady state to another, we are innovative from our outer reality's attempts to change to the steady state of our inner self. People should proactively look for optionalities to deal with different issues smoothly. They should become more open, embrace diverse viewpoints, connect the dots in the interdisciplinary domains, look for alternative ways to do things, and take the unique path to innovate relentlessly.
It is important to define how you will assess performance success in meeting business innovation purpose and vision: Innovation is the process which can be managed and evaluated. The measures should be oriented to justify innovations the organization needs. Better look at what the performance results were prior to implementing the innovation and after, ensure that measures are qualitative, quantitative, and persuasive. There are idea management indicators, implementation process management indicators, culture indicators, or individual’s creativity indicators, etc. For example, the indicators to assess the intrinsic capacity of the individual as an innovator include such as interdisciplinary knowledge and skills, learning plasticity, and knowledge synthesis capability, etc.
The goal of innovation measurement is to track innovation management effectiveness, not just about the quantitative results which sometimes can mislead the management with a short-term perspective. Innovation performance indicators need to focus on measuring quality, quantity, time, cost, revenue growth, profit improvement, margin targets, product variety for stability, shareholder/owner return and talent sustainability, etc. The good or bad innovation would depend on the business’s attitude to nourish a culture of creativity and its aptitude to manage innovation in a structural way. In forethoughtful organizations, the innovation performance indicators should focus on building innovation competency and desired culture.
Innovation has a broader spectrum, hybrid nature, and deep context. There is alignment, alliance, and accountability, behind innovation renewal. You have to systematically develop the business competency to execute it successfully, and that is something you do not accomplish overnight. Innovation needs to become a “living process," with frequent evaluations, creating a dynamic ecosystem in which innovation can be nurtured and fruited into its maturity.
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