(Take Analogy) Technology about Innovation

I will start this share with a beautiful quote by Gary Hamel

“Companies fail to create the future not because they fail to predict it, but because they fail to imagine it. It is creativity and curiosity that they lack, not perspicuity.” 

Gary Hamel

This, in a real sense, is the hidden secret and guidance at the same time for most of us to embrace the art of possible by imagining it. This imagination has no specific method or structure, but success possibilities that can be introduced by Innovation are endless. Research is the “Midas touch” that will help the organizations make educated decisions and evaluate success or failure before time in all areas.

Demographic needs, market, and customer requirements are changing at the pace of technology. Top challenges for the business units in the times is to stay relevant – sustain the business – grow the business and diversify the business. Everyone has equal rights and access to the same technology available in the biosphere. Everybody has permission to forge technology at will, but what is going to matter is by knowing the big “WHY.”

Let’s understand the context of Innovation, as this has become the coolest term used as an affix around all buzzwords. Knowing why, how, and what to innovate is more prominent to the organizations to thrive than Where to innovate.

I am attempting to present the following terms in a simple and straightforward format (Invention – Innovation– Creative – Transformation). This is my view of what the terms mean.

• Invent – (Originate) When a concept is given a form for the 1st time ever, which never existed before and is unique to its existence and creation. Invention usually is a product or a physical component.

• Innovate – (modernize) is a free thought with no limits to formulate a solution using existing and new components/technologies.

* This can be a concept, thought, or an Idea. * Innovation can change or diversify the markets and customers by a great magnitude

•  Creative – (imaginative) Addition of features and different methods to change the way a product looks and is perceived without changing the core configuration and outcome. * Creativity is making the most of what you have *  Creativity is a promotion strategy that has a defined mileage.

•  Transform – (Change) This can be a change in form, composition, appearance, and status Transformation is usually to correct the flaws and take the unit to the desired level. * The focus is on meeting agreed customer satisfaction * This is to correct the flaws, standardize and stabilize the product/solution.

I don’t want to debate what comes first and what follows what, as I am willing to keep this open decision based on Intention and requirement. The initiatives’ logical segregation in the above mentioned four buckets must clarify the objective, strategic direction, risk, and value realization. Today we have deduced what technology can do for us and relentlessly exploring new possibilities to do even more. Innovation has given meaning to every invention; else, we all would have stopped at the nuclear bomb and unknown about atomic power applications in various industries. Someone somewhere thought of pushing the limit and dreaming about the unimaginable, which has led to today’s meaningful world. This is not one person’s or department or business unit’s responsibility but an organization-wide culture to perceive innovation and make this part of the work and thought culture.

Innovation, research (R&D), and growth are very closely related. Most companies are eager to strike a balance and create an ecosystem that will produce new products, ideas, business models, and approaches. This, in a certain way, is going to propel organizations to establish Innovation teams. Innovation Management is a fast-emerging discipline as an inevitable practice for a successful journey by Product, Services, or solutions businesses. The executive teams have already started including this in their charter as one of the top priorities. The inclusions begin from the foundation layer of any organization, which is the culture.

–     Innovative culture (Beliefs and values with respect to innovation)
–     Innovative behavior (temperament and reaction towards innovation)
–     Innovation Ops (Process, Method, quantification of effort)

The maturity of this discipline will forecast the growth and diversification velocity of an organization, caution from investing in the transformation initiatives and innovation projects. Such initiatives have to be very carefully structured, planned, executed, observed, and a constant course correction is required, extended by the R&D department. In my opinion, this will be well-managed as an independent portfolio with direct C level control and accountability. 

It is all about acknowledging the comfort zone and stepping out of it. In the equation of growth, Technology is always going to be constant, and Innovation is the variable that will improvise or impair the outcome depending on the usage of new approaches in every iteration impacting The Brand, The Business, and The Buyer.