6 Steps for managing the digital innovation process from A-Z

In the aspect of digital transformation, IT has become the most important element in sustainable growth for most enterprises. Business value creation is often obtained by optimised use of resources and mitigated operational risks. Those are usually driven by a high degree of digitization in new or existing business models, efficient and effective processes, successful innovation initiatives, well-balanced product portfolio etc. In other words, most businesses depend on IT these days to a point that digitalisation has become a norm and a core aspect of operations. Digitization has become for many not only a matter of survival but also a key part of their growth strategy. This is especially relevant after the post-COVID-19 digitization, forcing many businesses to disrupt themself or at least to upgrade their approach to technology use. (Winners and Losers of post-COVID-19 digitalisation)

However, since there are so many things that can go wrong with innovation, and most companies struggle with it (Top 8 challenges in Corporate Innovation and the best practices to tackle it), I wanted to focus in this post on a framework that helps to understand what are the best practices and recommended approaches when managing innovation and also other IT-related aspects of it, like data and information flow, processes, people, infrastructure, organisational structures, culture etc.

Having recently completed the foundation certificate on Cobit-19 — a standard framework for IT governance and IT management — I am summarising here some of the interesting best practices and recommended approaches relating to the IT innovation framework recommended by Cobit-19.

Here are the 6 Steps of the innovation process

Step 1. Create an environment conducive to innovation

Step 2. Maintain an understanding of the enterprise environment.

Step 3. Monitor and scan the technology environment.

Step 4. Assess the potential of emerging technologies and innovative ideas.

Step 5. Recommend appropriate further initiatives.

Step 6 Monitor the implementation and use of innovation

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So how is the innovation process designed at your organisation?

Do you run some similar initiatives as described in the post or perhaps your organisation does it completely differently?

What is the success rate at your organisational when it comes to the efforts taken to move the innovation initiatives forward?

Any further thought, suggestions, feedback, please comment below.