INNOVATION is a crucial element in the value creation process. In today’s fast paced technology driven world, INNOVATION is at the forefront of every small or big corporation (profit or non-profit). Some are really making huge strides and for others it is more of a marketing element for their organization to make their brand look good considering it is a trend and makes a good fashion statement.
All these buzz words Mobile Strategy, Social Integration, Cloud, Collaboration, BOYD (Bring Your Own Device), and off course Innovation is up on all Corporate Website’s, Marketing Brochures and any Digital Content being released out in the marketplace by the Technology driven (Services, Consulting or Products) organizations. Everyone out there is talking about Innovation Excellence. INNOVATION EXCELLENCE? In my opinion Innovation is an Innovation, big or small – a change for good and that adds value. What makes one Innovation excellent over the other? Both likely are serving the purpose they were defined or intended for and that itself justifies their excellence. But yes one may have a bigger impact and reach over the other.
Organizations have introduced new roles considering the value-add of Innovation in today’s world – Chief Innovation Officer, Innovation Evangelist, Innovation Specialist, Innovation Expert etc. And to a great extent it is true that Innovation in today’s global atmosphere is not an option but it is a necessity or else you will be left out by the competition. If you can’t keep up with the great advancements happening out there, the existence of the organization is at stake.
In a nutshell — Relevance is the currency of the digital age. Innovation is a primary entity that every organization today needs to bake it into their corporate fabric and make it as an inseparable part of its day to day culture to ensure its survival in the marketplace. To develop a sustainable innovation culture, is a must for today's organization.
CAN WE MEASURE INNOVATION? In a globalized economy, INNOVATION IS A PREREQUISITE for competitive advantage and there is a need to measure, and therefore manage—Innovation more explicitly. Many believe that Innovation cannot be measured. But measurement is critical as it will help us measure how our innovations are changing our Customer’s and Common Man’s lives. Some say Innovation = R&D Spend as % of Revenue and others have defined their custom INNOVATION INDEX to measure it’s impact. Innovation has long been recognized as an important driver of economic growth. Some nations capture Innovation as part of their GDP (Gross Domestic Product).
Now let us take a look at — WHAT ARE THE INPUTS TO THE INNOVATION PROCESS AND WHAT ARE THE OUTPUTS? Inputs to Innovation can be tangible (physical assets and costs) and intangible (knowledge). The key to understand here is that intangible assets or "Intellectual Assets" as they are sometimes called is I would say one of the most important and critical input to Innovation. In the end Innovation is about bringing creativity and application of the knowledge at hand to solve a situational problem. Innovation inputs can differ depending on the desired outputs and outcomes. Outputs are unpredictable as the INNOVATION INCUBATION CYCLE is non-linear and could be risky at times. At times it can be opportunistic. The end goal of Innovation is to create economic value.
But I have one simple question — what does innovation mean to you and your organization?
I believe everyone has its own way of defining and looking at Innovation. If we start exploring we may come across hundreds (if not thousands) of definitions or statements defining Innovation. A few key one’s in simple language includes:
Innovation is a significant contribution to already existing inventions (products, process or service)
Innovation is new product, method or an idea
Innovation is a process of transforming an idea or invention into a product or service that creates value or for which customers will pay
Innovation is the creation of the new or the re-arranging of the old to derive economic benefits and value
Innovation is the art of technological advancement to keep you ahead of the competition
Innovation is to find a solutions for common recurring business problems or challenges
Innovation is to curb manual effort leveraging technology solutions to gain efficiencies and cost savings in long run
Innovation is about helping your customers to realize results by increasing their profit margins and lowering costs
Innovation is something fresh and that creates value
Now let’s check what INNOVATION means to organizations like OECD, DOC, Conference Board of Canada and NASSCOM.
OECD (Organization for Economic Co-operation and Development) defines Innovation as the implementation of products or production and delivery processes with new or significantly improved characteristics which may include new organizational methods in business practices, workplace organization, or external relations.
DOC (US Department of Commerce) defines Innovation as the design, development, and implementation of new or altered products, services, processes, organizational structures, and business models to create value for the customer and financial returns for the firm practicing Innovation.
The Conference Board of Canada defines Innovation as a process through which economic or social value is extracted from knowledge—through the creation, diffusion, and transformation of ideas—to produce new or improved products, services, or processes.
NASSCOM (National Association of Software and Service Companies-India) defines; Innovation is a Phenomenon of ‘Crossroads’.
The list goes on and on…..Are all these definitions accurate? Most likely yes, in one way or the other.
But I think there is also a need to look beyond all these definitions and see how we can apply a similar INNOVATE THINKING & THOUGHT PROCESS to our daily lives and to the social issues surrounding us? What can we do differently that can simplify the pains of the common man, take away their tears and bring a smile to their face?
In my view — Innovation is also about simplifying the complex, touching the common man, promoting happiness and eliminating suffering, thus leading to a progressive and prosperous one global world resulting in a brighter future for generations to come. And Innovators are those who can visualize, collaborate, execute, realize, scale & share opportunities to achieve a meaningful goal.
If an Innovation can’t generate demand and elevate us as human beings or an industry for that matter than it has not made a mark that it could have had the potential of making. This is a heritage we can start building and can set the foundation for our generations to come to enable them thinking and innovating in this direction. INITIATING IT TODAY CAN SHAPE TOMORROW’S WORLD.
Are you ready for it? Why not – We don’t need a special degree, time, level, status or platform to make that mark. We can start it right away, right here and start making a difference in every small possible way one can. It is just a matter of setting a mandatory flag to “true” in one’s conscious mind to make that difference, empowering oneself with their own will and self-determination.
At times Innovation can be as simple as seeing the obvious and at other times it may encompass simplifying complexity and creating something that will resonate with the masses. It could be as simple as laying down a plan to elevate work-life balance that one can create for oneself and share the same with others if it is making a difference in one’s life or it could be as complex as devising a humane process to eradicate discrimination, racism, inequality and prejudice around the world. Both innovations are paths to excellence but the latter will have a bigger and wider impact.
In the end, I would like to conclude by saying - We are lucky to be born in the INNOVATION GENERATION. But one FINAL INNOVATION I would be elated to see before closing my eyes is the cure of deadly diseases, Cancer and HIV, which are taking away the lives of so many teens and adults alike. That will be the day we all can say that we have lived the “INNOVATION GENERATION REVOLUTION” of this beautiful life, A QUANTUM LEAP FORWARD.
Let’s connect the dots, innovate and deliver a brighter future for generations to come.
Together we can make a difference!