Companies can successfully transform their management practices to include an always-on capability to rapidly and effectively adapt through the introduction of novel or enhanced products, services, business models, business processes, customer experiences, and operating models. To do so, organizations must first understand what they seek to accomplish through innovation. They can then design the right 'people, processes, and technology' relative to a standard set of innovation lifecycle activities and capability enablers in the context of their business and environment to deliver better, bigger, bolder, faster, cheaper innovations.
Building an Innovation Engine
The technological landscape is evolving constantly, customer expectations are shifting, competition is intensifying, and industry boundaries are blurring. To thrive in this environment, executives worldwide are focused on responding more rapidly and appropriately.
Challenges to Impactful Innovation
As countless studies over the past decade confirm, the majority of organizations' innovation efforts have been suboptimal. A key reason for this shortcoming is that they apply practices used for 'running the business' to 'changing the business,' which typically involve lengthy sequential processes designed to 'guarantee results.' These practices are too slow for today's marketplace and often reject outright or strip from inspired ideas the very essence that could change the game and contribute most to the top and bottom lines.
To survive in the Digital Age, enterprises will have to transform. They will have to be able to adapt to ever more dynamically changing conditions quicker than before. They will have to more rapidly and continuously generate and convert new and novel ideas for products, services, business and operating models, business processes, customer experiences, and channels into meaningful value for the enterprise and its ecosystem (customers, partners, investors, and society at large).