Defining Innovation: Transformation As A Platform

As the new year launches and your mission comes into clearer focus, taking the time to assess and define innovation and growth that includes 'transformation as a platform' offers a unique opportunity to improve operational performance, outcomes, and culture.

Moving beyond just growth as an innovation outcome to include transformational change allows for innovation teams to add significant value to their organization and will also make an innovation portfolio more complete. Expanding the innovation portfolio to include transformational provides more opportunities to evolve and compete effectively, improve efficiency, evolve personnel, and unlock new value. Expanding the innovation portfolio to include fundamental transformation Invites a broader scope of thinking that can affect the entire organization.

Including organizational transformation as an innovation purpose is practiced by the world's best repeat innovators.

Marketplace Drifts Require A Complete Set Of Innovation Definitions

Marketplace drifts are presented as changes in economic conditions, political shifts, demographic evolutions, and technological advancements. This drift causes requires adaptation in order to survive and thrive the global marketplace - it's not optional. New offers, products, and services become obsoleted quickly creating new threats and presenting new opportunities, yet a powerful and effective structure and organization is needed to address these drifts. When radical change occurs in each of these domains simultaneously it can be difficult to navigate which is why it becomes so critical to transform the organization purposefully and intentionally.

What Is Transformation Through Corporate Innovation?

Let's begin this exercise by outlining the concept of transformational change through innovation efforts.

Fundamentally innovation, and corporate innovation management more specifically, is simply a system for producing reliable and repeatable growth. That growth can come in many forms but at the core it concerns the advancement of the organization in all its forms. Transformation may include the introduction of new technology, updated leadership philosophies, new processes and practices, organizational models and hierarchies that address customer profiles, and much, much more. Innovation teams are well positioned to lead and manage organizational transformation initiatives due to their skills, frameworks, and philosophies - but only if leadership is willing to grant them this authority position. Organizational transformation is a requirement in 2024 - don't let yours falter while your competition advances.

Corporate Innovation Operations: Transformation

Transformation initiatives require each functional domain within the organization to participate and contribute appropriately.

Partnership, boards, and projects are all common platforms for creating that necessary connectivity between different parts of the organization.

These could be technological transformation groups, culture building/advancing initiatives, customer insights boards, R&D/product development groups and many others.

Each one of these projects and their collaborations provide an opportunity to create dynamic transformations across organizations with thousands of employees or more.

Looking beyond the functional importance of creating connectivity between functional domains of an organization to include fundamental change efforts allows for large companies to become more dynamic, sophisticated, and evolve to meet the needs of their customers and the market. Let's begin to look at a few examples.

Technological and Digital Transformation

Technological and digital transformation is not optional in a global marketplace driven by the internet and computers.

But, how do technologically transform quickly becomes the concerns. With over 600 productivity applications (and many more websites), it can be difficult to organize around a strategy, or even a group of strategies. Most software and computer applications don't offer much of a competitive advantage - at least for very long - so the technology transformation itself becomes the fundamental and underlying competitive advantage.

Fundamental digital and technology transformation strategies do offer competitive advantages - so get this right and the specific applications to use will become more clear.

Updating Leadership Philosophies As A Transformation Strategy

Similar to products, services, and business models being obsoleted - so too does leadership philosophies.

Not too long ago a gold watch was an acceptable offer to motivate employees - not so anymore. Even though valuable gifts are a 'nice to have', employees are now looking for fulfilling work, meaningful opportunities, and an environment that allows them to feel empowered. This is a simple illustration to emphasize the importance of transforming leadership philosophies that not only match the market place, but also that reflects the values and mission of the organization and it's markets.

People operations and human resources teams are built to address changes to leadership philosophies which is why it's critical to have them involved or at least aware of work the innovation team is conducting.

Updating Mangement Processes and Practices As A Transformation Strategy

In many cases, transformation initiatives will include multiple interrelated projects - updating processes and practices is a prime example.

Every organization has a set of agreed upon and/or culturally known processes. As the marketplace evolves and customers change habits (usually through the introduction of competing offers) the practices used to design, craft, and make new offers, strategies, and narratives needs to adapt. For instance, with the advent of the internet offers and products were increasingly made available through website and other technology platforms - many, many such examples exist within your organization.

Including the updating, and at times overhaul, of processes, practices, and procedures, in the innovation portfolio offers the opportunity to bolster this portfolio.

Transformation Operations: Renovating The Organizational Chart and Hierarchies

Taking a step back periodically to assess the organizational hierarchy is necessary when rapid change rules the day.

Talent and structures get stale and obsoleted even under the most favorable of circumstances. Regardless of hiring practices, training and education programs, and strength of leadership - every once and a while it's necessary to renovate the organizational chart to ensure it matches the future vision and mission. Ensuring the organization is armed with the best talent should be top priority when undergoing this type of transformational change.

Great care should be taken when initiating this transition although if it's done effectively the new models can last for years and unlock tremendous value.

Transformation Operations: Evolving The Organization To Address New Customer Profiles (New Markets)

Expanding into new markets could inherently change the type of customers your organization works with - plan accordingly.

Many organizations seek out new markets and new customers when growth opportunities present themselves. This might entail entering a new market or simply stepping into an adjacency all of which will require a pivot from an organizational perspective. With new offers comes new threats, obligations, and opportunities - don't forget to transform the organization to address these changes.

New customer profiles will most bring new tastes, preferences, and expectations all of which must anticipated.