We're living in turbulent times. Prevailing business ideologies are being called into question; people are expecting more from organisations; and we're in the early stages of a fourth industrial revolution. Only organisations that develop a supportive culture and systemic approach to continuous innovation will survive.
When it comes to innovation portfolio design and management, it is imperative to recognise the dichotomy in the approaches, skills and metrics required to explore, test and develop new products, services, value propositions and business models; and to scale, optimise and exploit those that already exist within the organisation.
The great success of design thinking has been to instil, in corporate innovation teams and entrepreneurial start-ups alike, the need to consider the triumvirate of Desirability, Feasibility and Viability. But an additional focus on Equitability will be essential to succeeding in the operating environment of the future.
If you can generate new ideas you are creative // If you can develop these ideas into new products, services or experiences you are inventive // If from these inventions you can create value for customers, stakeholders, society and for your organisation you are innovative
Well designed and executed, connected strategies can enhance customer experience, boost operational efficiencies and lower costs, whilst higher digital trust correlates with higher revenue. Businesses must both understand the extent to which constant connection and the possibilities it enables is desired, and enhance their digital trust credentials.
