Innovation becomes simply ”creating value by solving simple or complex problems. Innovation is an exploration, production, adoption, assimilation, and exploitation of value-added novelty in business, economic and social spheres.
Digital organizations reach the tipping point of the next level of innovation flow. Today, innovation can happen anywhere, anytime; it expands both horizontally and vertically. There are both hard innovations (products/services/business model) and soft innovations (management, communication, culture, etc). Innovation is the business’s unique capability to gain a competitive advantage in the face of fierce competitions and business dynamic. Innovation is not serendipity, but differentiated business capability and disciplined management practices.
Digital organizations reach the tipping point of the next level of innovation flow. Today, innovation can happen anywhere, anytime; it expands both horizontally and vertically. There are both hard innovations (products/services/business model) and soft innovations (management, communication, culture, etc). Innovation is the business’s unique capability to gain a competitive advantage in the face of fierce competitions and business dynamic. Innovation is not serendipity, but differentiated business capability and disciplined management practices.
To improve the innovation success rate, it is important to structure the creative process: Innovation needs a certain level of guidelines and rules. Create a disciplined and managed space for developing and testing new models, products, and business approaches, shield innovation teams from the organization’s dominant logic and established standard operating procedures, which can stifle new thinking and approaches. An organization that has a lightweight process which allows creativity and innovation to flow, get protected, channeled and nurtured will succeed more often than an organization that does not have such a process. The more integrated and culturally based innovation or imagination is, the more sustainable and productive such initiatives are. But when innovation management is overly restricted, sometimes innovation becomes the “hammer in search of a nail,” for the aggressive business, diminish creativity, and stifle ideas flow. To improve the innovation success rate, on one side, there should be the open leadership and platform to keep idea flows and set the standard to assess ideas for mapping into the strategic goal of the business and evaluate the business capability to implement them. When the ideas have been developed or when they are able to be applied to meet a short-term objective then they should be pushed through an efficient execution process. You need a methodological mainframe that allows you to do that, developing and testing new models, products, and business approaches.
Rules are about safeguarding the status quo, not for stifling innovation: Due to the fact that innovating in today’s digital world has become increasingly complex in nature, organizations can no longer rely on a single individual or team to drive innovation. Innovation management requires much deeper whole systems and taking emergent, generative, iterative, integrative, and holistic approaches. Innovation is all about figuring out the better way to do things and transform novel ideas to achieve the business value. Innovation challenges the status quo and that is important for a healthy and innovative organization. It is important to set rules for safeguarding the status quo, but not stifling innovation. Because it is important to have a heterogeneous group setting and let people view an idea from different perspectives, brainstorm diverse thoughts and ideas, apply thinking techniques (These thinking processes are temporal, abstract, induction and deduction, holistic and inclusive, etc.), and integrate innovation management with strategy management, change management and performance management. The goal of disciplined innovation management is to stay focus and improve the innovation success rate.
It takes a systematic and disciplined approach to manage a balanced innovation portfolio: Innovative organizations have explored the full spectrum of innovation and deployed a range of different management, technology, process, and structural solutions. The organizations with the healthy innovation appetites, innovative leadership, and team, systematic innovation management approach with prioritization mechanism, and tailored innovation next practices will enjoy the balanced innovation portfolio with well-mixed radical innovation and incremental innovation, to maximize the business potential and improve innovation management discipline. Achieving the innovation objectives requires a contracting process with clear stages, performance thresholds, and decision-making parameters combined with an iterative, experiential learning process that supports wide-ranging exploration at each stage. A disciplined innovation approach focuses on commercially relevant compounds innovation management which are driven by clear strategic goals, risk management, and integral and interdisciplinary process management. An innovation enabled processes or system can be seen in companies which clearly indicate innovation as the required competency for managers, and it's tied to performance management and total reward system.
Innovation is the light every forward-looking organization is pursuing. Innovation becomes simply ”creating value by solving simple or complex problems. Innovation is an exploration, production, adoption, assimilation, and exploitation of value-added novelty in business, economic and social spheres. Disciplined innovation is about taking structured approaches and scientific methodologies to maximize business value delivery. The innovation management will have to catch up to the business needs with digital speed. And the success rate of innovation can be improved through increasing innovation maturity and optimize key success factor for managing innovation effectively.
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