Be ready for the wind! corporate innovation is always life safer
None can deny that corporate innovation has become a stairway to success for businesses in all industries for many decades. Throughout the history of the business world, one failing to transform themself ended up in disaster. Every businessperson has heard various case studies on number one organizations become unrelated in their market. In the end, the promising rewards always fall in a hand of a well-prepared organization. Are you the one who fails to recognize that the wind has changed its direction? And it always does.
‘New normal,’ a strong wind blows every business’s direction.
You know the weather will change when the wind blows through your senses. Just one blow can cause various possible reactions. Your reaction in this situation depends on your experiences. Do you start looking around you to estimate how bad the problem is? Do you begin checking your mobile intellectual application for their weather forecast? Do you start panicking because of the unknown factor? Do you start walking back home to prepare yourself for the change?
This time the wind called ‘New Normal’ just passed through the business world. It has changed how people dress, eat, work, and live. Every dimension of human life has changed. How your organization can change now depend on how your organization can cross the boundary. Corporate innovation is the key to unlocking various closed doors of enormous opportunity. Driving the organization with corporate innovation means disrupting your core norm in everyday operation. Corporate innovation can help organizations explore new possibilities, break all imaginary walls, and prepare for any wind of change. New Normal is not the first change and not the last.
Corporate innovation always matters.
According to Deloitte’s Innovation Study (2021), technology leaders, business leaders, and innovation leaders from high-growth companies in various industries (at least grew 20 percent or more than last year) pursue corporate innovation to enhance their financial performance. These leaders focused on transforming their organization into a new age rather than putting their effort into protecting their organization’s legacy.
Almost 300 Boards of Directors reveal in the Gartner Board of Directors Survey (2021) that the first rank of the top 5 strategic business priorities in 2022/2023 is digital tech initiatives (58% of survey respondents). As ‘New Normal’ accelerates online user growth, both number of users and time per day online, it is no surprise that top-level management of organizations still commits to building a robust digital foundation and pursuing digital transformation.
Interestingly, Gartner’s survey is that 52% of Boards of Directors reveal that workforce has become one of their top 5 strategic business priorities. Compared with results from the previous study, it increases by 86%. It clearly shows that technology itself is not enough to drive sustainable growth. The workforce in the organization is necessary for digital transformation. Corporate innovation strongly bonded with people in the organization; advanced technology without people’s readiness and willingness is useless.
Building successful corporate innovation
Deloitte suggests first step how an organization can create a successful innovation outcome is that ‘Go now, Go big, and Go together.’ To build successful corporate innovation is to make it now; it’s better to start now or never. If you plan to develop an innovation program within your organization, it is a good sign for its performance. The recommended time for creating corporate innovation is today.
But fast is not enough, but it needs to be significant for the remarkable innovation impact. It is enormous as it becomes the organization’s core, so the workforce needs to be perceived and engaged in creating innovation. Now, innovation is not only the responsibility of the R&D department or IT department alone. Every function of the organization is an essential part of successful corporate innovation. No wonder many directors from various industries worldwide focus on workforce development for the incoming future.
Involvement from all organization’s internal stakeholders, especially C-suite leadership, is mandatory in building the innovation process. Engagement from the beginning of the process creates a shared understanding of innovation development. It is a strong foundation for future support, expected outcomes, and a sense of ownership. Together the innovation is created.
Well-prepared organizations can follow the stream of change through innovation from time to time. As none can stop the wind blows, none can stop the change. Be ready for another unpredicted new ‘New Normal.’
