A Powerhouse Strategy To Lead Growth In Today's Digital Enterprise
Being successful in today’s fast-paced, ever-evolving digital marketplace inherently has challenges - everything from translating your customer journey into a seamless experience and substantive relationship to integrating legacy technologies to shifting corporate culture to be customer-centric on every level (and more). The one way to ensure digital enterprise stays on the growing edge is proactive innovation.
The process of converting a concept into something that creates value for your customer is the basis for all business; generating that concept in an imaginative way that distills greater (or different value) from existing or new resources and yields positive change for your customers is innovation.
It should be noted that innovation is not always a large, grand undertaking. Sometimes innovation can be the new and fresh but, equally as important, innovation may be an incremental improvement such as one that occurs by finding an unmet need and making a small adjustment to serve it.
There are several types of innovation that you might see in your own organization already:
- 1. Dynamic evolution: natural transformation caused by incremental changes over time.
- 2. Radical transformation: caused by major breakthrough in technology or process.
- 3. Disruptive innovation (or ‘blue ocean’ innovation): a catalyst that creates a new market and value network, displacing established marketplace leaders and replacing earlier technologies.
- 4. Discontinuous innovation: a new technology applied to solve an existing need in a fresh way.
- 5. Open source innovation (or ‘crowdsource’ innovation): promotes free redistribution and access to the end product or technology and implementation details.
- 6. Experience innovation: creating holistic experiences through emotional engagement.
- 7. Customer-led innovation: using guidance and insights from customers to create new solutions.
Ideally, innovation builds a new market for your organization by identifying untapped needs and solving them.
Innovating new solutions is usually unpredictable, chaotic and (potentially) frustrating as new considerations are surfaced in the process. In those moments, it is vital to hold on to the bigger vision. It can also be helpful to consider how innovation has shown up in your organization previously.
To see how your organization has handled innovation in the past, consider the following questions.
All too often, organizations take new solutions for granted. However, when there is a commitment to consistent innovation, the organization is sure to live on the leading edge and, quite often, leads their industry as well.
Innovate to lead… I would like to hear how your organization approaches innovation so please leave a comment below.
Tip: Be sure to check out this provocative report on how to Innovate Your Digital Customer Experience: From Dream To Screen!