The Future is Now: What's New in Innovation Management

You can innovate more successfully and be quicker to the market, which is especially important now that market conditions are evolving faster.

I was delighted to be among the selected few who attended the prestigious Annual Black Belt Summit by Innovation 360 Group alongside peers from around the world and top innovation management experts and thought leaders.

We heard insightful presentations, engaged in thought-provoking discussions, and networked with diverse innovation professionals. I was amazed at how much innovation management has progressed since I started my journey as an innovation practitioner and commercialization expert. Below, I summarized the advances that can help your organization become a more innovative enterprise, which is necessary to achieve sustainable growth. This article does not reflect the full scope of our services but the most recent innovation management updates.

ISO 56000 – Innovation Management

An organization's ability to innovate is recognized as a critical factor for sustained growth, economic viability, increased well-being, and the development of society. The ISO 56000 family of standards provides a comprehensive framework for Innovation Management, covering language, concepts, systems, methods, and tools. Innovation 360 Group contributed to ISO 56000 development, and all its processes, tools, and systems are aligned with ISO recommendations.

The family of ISO 56000 standards already includes several published chapters (from 56002 to 56008), guiding innovation vocabulary, innovation management systems, tools, and methods for innovation partnerships and their implementation and innovation management assessment. Chapter 56001 will be published in late 2024 and provide innovation requirements – the fundamental part of innovation management and a certifiable standard.

A preparatory audit can help you discover your level of innovation management compared to the ISO standard. Innovation 360-licensed practitioners like me can use their innovation management expertise and knowledge about ISO 56001 to help you assess your current performance and future readiness and build robust systems and capabilities for sustainable growth.

Innovation Training for Teams and Leaders

Innovation training aims to equip teams with the skills, concepts, and tools necessary to drive strategic innovation within their organizations. While the objectives and topics covered in such training programs can vary, they generally focus on fostering a culture of innovation, enhancing strategic thinking, and developing practical skills for developing and implementing innovative ideas.

There are several new types of innovation training from Innovation 360 practitioners that will suit various company needs:

My360

My360 is a unique innovation education portal that offers professional online tools, courses, and certifications. Whether you need radical innovation strategies, impressive use cases, innovation mindset, and process or design thinking training, it offers everything you need to become a strong innovation expert.

It is easy to access in a personalized and structured way. You can take self-paced online courses to train, get inspired, and use tools in different situations. We constantly add new courses, so please bookmark and monitor the My360 page: https://my360.global/.

Innovation 360 Retreat

Suitable for the management, leadership, or department team, the new concept of Innovation 360 Retreat provides an opportunity to reflect on past performance, align on market trends that will shape the company's future, and obtain deep insights into the company's Innovation IQ: innovation capabilities, culture, personas, and leadership styles—all in an interactive, educational and fun environment, using proprietary Innovation 360 tools like InnoSurvey, InnoCards, and PESTLED360. This is a unique format that will not only facilitate team building but also result in better preparedness for the development of future strategies.

3i Innovation Process for Small and Emerging Business

A classical innovation process has five steps: discovery, ideation, selection, development, and commercialization. However, it may be too complex for smaller enterprises or companies just starting their innovation management journey, or for simpler projects. Instead, the 3i framework provides an approach to fast, targeted campaigns consisting of three steps:

1.????? Imagine – idea generation and clustering

2.????? Innovate – experimentation and selection

3.????? Ignite – handover 2-3 big ideas

A campaign-driven 3i model facilitates and nurtures collective iteration, discussions, documentation, and testing of new ideas. Projects best suited for the 3i approach are less complex, have limited impact on the organization, and are in mature markets (so market forces analysis is optional). They also have limited scope and low regulatory constraints. Nevertheless, they can be compelling and initiate the transformation toward a higher Innovation IQ for the entire organization.

New Enterprise Software for Innovation Management – Transformation 360

70-86% of transformation projects fail to meet objectives. Companies experience chaotic, inefficient processes that rarely result in significant breakthroughs but are nevertheless expensive and lengthy. The most frequent pain points include unclear vision, frequent process changes, inability to scale learnings and documentation, lack of proper metrics, no transparent system and oversight of work, and a multitude of disconnected tools.

Innovation 360 created the best solution for innovation management, transformation, and sustainable growth – Transformation 360. An internal or external expert can save 80% of time and increase customer and client satisfaction, creating recurring revenue. The solution is accessible and deliverable online, collaborative, using artificial intelligence and advanced statistics. It combines innovation hackathons with execution, such as project and portfolio management, document storage, commercialization readiness assessment, and online learning.

Transformation 360 combines:

• Complete innovation process support, such as predefined journeys from discovery and ideation to commercialization.
• Learning management system with access to innovation courses and document repository.
• Increased transparency, data-driven process, and powerful AI.
• Real-time analytics and dashboards.
• Innovation Playbook developed specifically for your company.
• Support from a global network of world-class innovation practitioners in 40+ countries.

You can learn more about Transformation 360 on this page: https://www.transformation360.online/.

Stockholm

Stockholm is a beautiful city and worth a visit! Here are a few pics from the Old Town and the Royal Armory, where we met for the Annual Black Belt Summit.

As human beings, we have one significant advantage. Every one of us has full access to an infinitely varied and vastly underused resource: our ability to innovate. We can think our way, quite literally, out of anything. But more than innovative thinking alone will be needed to get us there. The research indicates that innovators enjoy much better probabilities for success when they work within the structure and support of a well-managed innovation system. Ultimately, a well-conceived innovation system can enable the deployment of massive resources with precision by structuring the discovery, curation, and execution of a fully balanced change portfolio. You can benefit from these resources, too. Schedule a call to talk about how your company could become more innovative.

Kasia Hein-Peters, MD, is the founder of Abante Scientific in Las Vegas, NV. Every business has different challenges, and the approach to the company growth strategy and innovation management may be different. Dr. Hein-Peters has a Green Belt in Innovation Management and can work with you to improve your company's performance and meet strategic goals. You can schedule a meeting here.

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Sources:

1. Innovation 360 Group (https://innovation360.com/)
2. ISO 56000:2020(en) Innovation management — Fundamentals and vocabulary (https://www.iso.org/obp/ui/#iso:std:iso:56000:ed-1:v1:en)
3. Wikipedia ISO 56000 (https://en.wikipedia.org/wiki/ISO_56000)
4. Frankenburger et al., Phases of Business Model Innovation and Key Challenges, 2013