How do I maximize the impact of innovation?

In this third article I see the context and challenges faced by the organization when they try to accelerate the impact of innovation, including the view of a series of broad stakeholders, and expand its impact on all aspects of their activities.

Innovation is now considered a business priority that is important for success. For businesses have significant growth, the collaborative process of generation ideas for sending solutions must be optimized. The practice of innovation must be flexible and repeated, and executives must be willing and able to lead a team in an interactive environment that focuses on innovation.

In the past and risky past innovation, and most of it is left to experts at the R & D department. At present, extraordinary interests are placed on "democratization of innovation" by establishing practices that increase the speed of innovation while reducing risk.

Then how is this achieved?

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Understand innovation

Innovation is often defined narrowly in terms of technology discovery or creation of new features in existing systems. In a much broader digital economy is important, highlighting the view of "innovation in practice" as a synchronization of three important components:

Desirability - innovation that successfully solves important problems for customers. Whether this is an internal or external customer, any innovation must solve a problem that someone is spicy and provides a solution that customers can easily consume.

Viability - Innovation must address the needs of products or services in a way that fulfills all the constraints of the operating environment and market conditions where it will be deployed. A myriad of problems must be considered including production costs, strategic fit, impact on markets and ecosystems, sustainability and maintenance.

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Feasibility - new ideas must be realized and maintained with market constraints and current techniques. Not only should it be done practically to make, it must also produce value for potential customers and benefits for those involved in creation, management and maintenance.

The nature of innovation that changes

The nature of innovation itself has developed quite dramatically for years. The organization no longer looks for innovation by looking inside towards their own R & D team which is closely bound by a five-year business plan.

Instead, to reduce the risk of long-term programs that cannot evolve in the context of rapid change, they take a broader view of innovation through the active role in the emerging ecosystem consisting of various organizations with various perspectives. It shifts the balance of efforts and costs from the R & D in-house for experiments and external scales on a stable technology platform.

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Therefore, for many organizations, the nature of innovation is increasingly:

Open for outside ideas, and actively seek input from consumers, partners, academics, and wider communities.

Collaborative cross teams and individuals to allow ideas to be shared, developed together, and together sourced.

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Multi-discipline to get the best thinking of many domains, in harmony with shared goals and themes.

Globally managed to take advantage of the best skills wherever they are, and get information locally to ensure that they match the consumer specific context.

Realizing this perspective wealth, the innovation approach adopted in most organizations including various approaches aimed at rapid market testing on new ideas in a well-defined context. This is the core of innovation in the digital economy.