Innovation

It is imperative to provide direction for the business design, innovation and transformation.

The innovation paradigm shift represents a break from the past, with a high level of impact and complexity. Skills and situations have become more subtle, more multi-layered and, therefore, complex. To reach the stage of the digital renaissance, organizations have to stretch out in every business dimension, strengthen organizational capacity for leading innovation effectively.

It’s important to seek innovative ideas/suggestions with the execution team and create a bonding within the team: The larger the organization, the more and more isolated goals become when considered in the context of the organization's enterprise innovation goals. You have first to gather the business environmental trends, as well as to identify principles with agreement on level of details. There should be a general vision/mission statement that covers the general idea and purpose of the organization’s planning. So in the end, every aspect of that organization’s goal is spread out in modes of operations.

An innovation plan is important as it is the road map for the achievement of an organization's innovation goals, mission, and purposes. The goal rolls up to an object created by senior management. Using the goal set, you then work out your objective execution (what your win, draw and loss ratios need to be to achieve it.)The significance of design, which decides whether you can be on a path of mediocrity or greatness. It is also helpful to visualize innovation concepts and practices in relation to each other, this way of looking helps to, then autonomous actions ought to be possible while still aligning with an organization’s vision.

It is crucial to build the dynamic business capabilities via existing building blocks or recombining those existing capabilities into core competency: Transactional capabilities keep the business light on; the transformational capabilities evoke fundamental evolutions in the basic political and cultural systems of the organization, solve crucial problems for the long run, and achieve the high performance business results. Identify the constraints, contextualization, modularity, scalability, costs, requirements, stability, and everything else you would need for innovation capability optimization, and creating tangible business benefits.

If the majority of organizations at the industrial age are manipulated by silo thinking and hierarchical management style. Holistic innovation management is about applying systems thinking to manage resources. business capabilities, business models, people, etc. The concept of "nonlinear" is representative of what we term emergent properties - sometimes we can control, sometimes, it just happens. This will require that each organization believes or create its own risk matrix; address the underlying strategic and implementation issues to harness innovation management disciplines.

It’s important to look at the actual expenditures and benefits to see if the return on investment was actually met: If the business initiatives are implemented correctly, the cost of operating the business reduces, more customers are attracted to your offers and profit margins increase. To survive and thrive for the long-term perspective, business innovation investment management should involve more planning, more compromise on budget expenditures, and changing outlooks on profit margins as a result.

It's important for the management to clarify what investments you should direct more assets to by identifying and evaluating investments in a way that solves problems with priority, driving business value in terms that business stakeholders understand. You need revenue maximization depending on margins and costs within the organization. Ensuring visibility into each investment is established to provide ongoing health information as well as enable understanding overall portfolio health of business initiative management

It is imperative to provide direction for the business design, innovation and transformation. In addition to the set point changing, business innovation requires first shifting mindsets, then building new capabilities and reinforcing and embedding next practices/reflexes, to guide the organization forward and create multifaceted business value seamlessly.

Posted in: Innovation,Strategy