Innovation is all about figuring out the better way to do things and transform novel ideas to achieve business value.
In face of unprecedented uncertainty, over-complexity, fierce competitions, innovation is the “must have” differentiated competency for building long-term business competency. Innovating to create something new or solving something big requires vision, creativity, courage, optimized processes, and continuous practices.
Innovation breakthroughs take advantage of emerging trends: Breakthrough innovation is often disruptive and will change your organization in many fields. Successfully innovating at a breakthrough level can increase the likelihood that they will dominate and prosper in new markets. Breakthrough innovation can help the organization win competitive advantage by combining different choices about target markets, offerings, channels, partnerships, and build barriers to entry.
Often, you need new technology, new processes, new customers, new knowledge may be a new business model. All that makes breakthrough innovation very risky, however, by doing so in a structural way, organizations deploy innovative value-generating initiatives, get very great chances and opportunities for reinventing new business models, product lines, platforms etc, shaping a high-performance digital organization to improve business agility, performance, and maturity.
Breakthrough innovation is in the future with no necessary continuity with the past: Radical, breakthrough innovations are not something everyone can accomplish. Responding to the true human need is the very goal of doing innovation, especially breakthrough innovations. Compared to incremental innovation which is based on improvement of old products/services and adding new features, advantage; breakthrough innovation changes the competitive landscape, potentially making entire industries obsolete, etc. It is a radical new approach that leaves competitions behind in some way.
If it’s possible, to improve business competency, all businesses should have a handful of “bets” in the breakthrough category. Innovation is benefiting the widest possible audience within your organization. Innovation involves many steps; from the generation of an idea, the demonstration of its feasibility, its implementation, its commercialization, and its diffusion, you’re accepting risk for potential reward. In practice, discovering and managing breakthrough innovation is an interdisciplinary approach with multiple perspectives scientifically, sociologically, philosophically, etc, to build a unique set of capabilities systematically and execute innovation strategy successfully.
Breakthrough innovation is most of the time bottom-up process: Innovation, especially breakthrough innovation cannot be completely controlled from top down; it often happens from bottom-up processes. Emergence and timing brings uncertainty, but also opportunities to nurture breakthrough innovation. Breakthrough innovation usually starts with a problem, having no solution in the current situation. That’s why you can’t manipulate it from top down. But top leadership support is crucial for any type of innovation management success. Breakthrough innovations require cross-functional senior leadership commitment most of the time.
Thus, innovative workforce are robust and judicious in pushing down barriers to achieve the best possible effects. It’s critical to develop a culture of innovation with risk tolerance, for enforcing a healthy emotional cycle, individuals and teams are rewarded for taking calculated risks to unleash their collective creativity. Highly innovative organizations are bold to make breakthrough innovation happen. For innovation initiatives, work closely with customers to articulate their important needs; define the most compelling approach to address their needs; ask thought-provoking questions, brainstorm breakthrough ideas, and solve the problem innovatively.
Innovation is all about figuring out the better way to do things and transform novel ideas to achieve business value. A disciplined innovation approach is usually emergent, generative, iterative, integrative, and holistic. Insightful organizations focus on commercially relevant compounds innovation management which are driven by clear strategic goals, integral process management, and holistic risk management, etc, to improve high performance results, increase people centricity, and unleash organizational potential.