10 Misconceptions on Innovation and Transformation.

Innovation / transformation = Technology.

More often, technology is an enabler. At times innovation doesn’t evolve technology at all. It can merely be a different approach to selling the same thing. The assumption that technologists are by default “innovative” is often wrong, in fact often technology, both infrastructure and people, can be the biggest barrier to innovation.

It’s a long - term investment.

Innovation done properly should be about momentum. Waterfall-based projects, “build-and-they-will-come” approaches are not in vogue anymore. The recent focus on profitable revenue growth means innovation needs to be road-mapped to deliver quick wins. COMMERCIAL roof-shots to deliver commercial moon-shots.

It’s NOT commercial.

Innovation if done properly involves clients. Yes to validate any future value proposition, BUT more importantly it should be seen as a way to engage with clients about a commercial relationship. If innovation is commercially driven rather than product driven, client conversations allow for better revenue planning and clarity on what clients will pay for, NOT just what they like.

Likely to fail.

Yes, it has a bad rap and? there are many data points that highlight the downside, however we should see that as a signal to get the execution right. It can’t be purely acquisition driven or product driven. If done commercially, good things will happen.

You need to be young.?

This is a bit random but yes - I’ve been told that innovation is the privilege of the young and it’s better to use age as an indicator than think of it as a skill. This is just wrong… and ageist!

Only start-ups are innovative.

They can move quickly, they are not weighed down by legacy infrastructure, technical debt and mindset. But while they may sound innovative many are not innovative businesses. There is a difference. It’s a misnomer that we just need to look to the start-up ecosystem to see the future. While large enterprises are slow, they tend to keep their market share. Start-ups are just an input to your imagination.

It’s a mindset.

Imagination, creativity, stepping out of your existing day-to-day. All are needed. But it’s the skills and experience of making that tangible, investable and deliverable that differentiates. An idea is just an idea. The execution, the stakeholder management, and the selling are skills and capabilities that drive success.

It’s a role.

My previous title had “innovation” in it but it is poorly understood. As with most of these new titles. Personally, I believe innovation should be part of many pre-existing roles. My old title was “commercial officer”, the move to innovation was just to showcase a shift in focus to new revenue growth and partnerships. The role was still about commercial strategy and revenue growth.

It’s strategic.

It is, but the juice is in the ability to bring it down to ground level. Normally, it’s seen as “high-level” because you are communicating in short intervals, and to those less inclined to appreciate the detail. Successful innovation and transformation is driven by the ability to go from: vision, to strategy, to delivery roadmap, to client, and then to revenue / cost savings.

It’s a Buzzword.

This one is actually true. It is a buzzword and we need to move beyond it because it’s too easily dismissed in this way despite being vital to future business growth.