(Take Analogy) Technology about Innovation

I will start this share with a beautiful quote by Gary Hamel

“Companies fail to create the future not because they fail to predict it, but because they fail to imagine it. It is creativity and curiosity that they lack, not perspicuity.” 

This in real sense is the hidden secret and guidance at the same time for most of us to embrace the art of possible by imagining it. This imagination has no specific method or structure, but success possibilities that can be introduced by Innovation are endless. Research is the “Midas touch” that is going to help the organisations to make educated decisions and evaluate success or failure before time in all areas.

Let us consider a situation: We need to pick a sheep from the barn - if one starts chasing the sheep without a plan in mind at random. Greater chances that one would have ended up chasing every sheep and still had nothing in hand, eventually tired and exhausted with no results – This analogy can be easily related with the current technology innovation approach that is witnessed among the organisations today.

Demographic needs, market and customer requirements are changing at the pace of technology. Top challenges for the business units in the times is to stay relevant – sustain the business – grow the business and diversify the business. Everyone has equal right and access to the same technology available in the biosphere. Everybody has the permission to forge technology at the will of his or her fancy’s but what is going to matter and change the dimension is by knowing the big "WHY" - “The consumer” is the reason why all technologist and technology are working hard to meet the appetite. If we can envision the future of consumer's needs, this will be the first step towards innovation.

Let’s understand the context of Innovation as this has become the coolest term that is used as an affix around all buzzwords. Knowing why, how and what to innovate is of more prominence to the organisations to thrive than Where to innovate.

I am attempting to present the following terms in a simple and straightforward format (Invention – Innovation– Creative – Transformation). This is my viewpoint of what the terms mean.

• Invent – (Originate) When concept is given a form for the 1st time ever which never existed before and is unique to its existence and creation. Invention usually is a product or a physical component.
• Innovate – (modernize) is a free thought with no limits to formulate a solution using existing and new components/technologies.

* This can be a concept, thought or an Idea. * Innovation can change or diversify the markets and customers by great magnitude

•  Creative – (imaginative) Addition of features and different methods to change the way a product looks and is perceived without changing the core configuration and outcome of the product. * Creativity is making the most of what you have *  Creativity is a promotion strategy which has a defined mileage.
•  Transform – (Change) This can be a change in form, composition, appearance and status Transformation is usually to correct the flaws and take the unit to the desired level. * The focus is on meeting agreed customer satisfaction * This is to correct the flaws, standardize and stabilize the product/solution.

I don’t want to start the debate of what comes first and what follows what, as I am willing to keep this open to decide based on Intention and requirement. A logical segregation of initiatives in the above mentioned four buckets is a must to gain clarity in defining objective, strategic direction, risk and value realization. Today we have deduced what technology can do for us and relentlessly exploring new possibilities to do even more. Innovation has given the meaning to every invention, else we all would have stopped at the nuclear bomb and not known about the applications of atomic power in various industries. Someone somewhere was thinking of pushing the limit and dreaming about the unimaginable which has led to our meaningful world of today. This is not one person’s or department or business unit's responsibility but an organisation-wide culture to perceive innovation and make this part of the work and thought culture.

Innovation, research (R&D) and growth are very closely related. Most of the companies are eager to strike a balance and create an ecosystem that will produce new products, ideas, business models and approaches. This in a certain way is going to propel organisations to establish Innovation teams. Innovation Management is a fast-emerging discipline as an inevitable practice for a successful journey by Product, Services, or solutions businesses. The executive teams have already started including this in their charter as one of the top priorities and the inclusions start from the foundation layer of any organization which is the culture.

-     Innovative culture (Beliefs and values with respect to innovation)

-     Innovative behavior (temperament and reaction towards innovation)

-     Innovation Ops (Process, Method, quantification of effort)

The maturity of this discipline is going to forecast the growth and diversification velocity of an organization, caution from investing in the transformation initiatives and innovation projects. Such initiatives have to be very carefully structured, planned, executed and observed and a constant course correction is required which will be extended by the R&D department. In my opinion, this will be a well-managed as an independent portfolio with direct C level control and accountability. 

It is all about acknowledging the comfort zone and stepping out of it. In the equation of growth, Technology is always going to be constant, and Innovation is the variable which will improvise or impair the outcome depending on the usage of new approaches in every iteration impacting The Brand, The Business and The Buyer.