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A recent survey called “Bringing Digital to Life: 6 Ways to Bridge the Gap Between Strategy and Execution” discovered that while 70% of the respondents confirmed that their companies had a documented innovation strategy, only 25% of the total respondents said that their digital initiatives were reaping any benefits, while only 10% had a plan to deploy their strategy. This clearly indicates that there still remains ground to be covered between strategy and execution.
The ongoing wave of digitalization has led most modern organizations to begin transforming themselves into a digital enterprise but it’s clear that managing innovation effectively is still a relevant challenge. Irrespective of the nature of the business, organizations are now more inclined toward innovation management and look to make the best use of technologies such as Artificial Intelligence, Machine Learning, and the analytics to accomplish this goal but need help in execution.
Experts across the world believe that organizations that fail to jump on the innovation bandwagon may soon lose their competitive edge and head toward becoming a relic in the commercial landscape. While it is important for new-age enterprises to come up with innovative business ideas, having the right innovation strategy holds the key to a sustainable future. An effective innovation management strategy needs to be:
- Aligned with the company’s overall vision
The innovation strategy needs to reflect how the organization envisions itself in the future. The focus here is for organizations to showcase their futuristic capabilities and goals for maximum market impact while also developing a clearly thought out evolution plan. Organizations need to establish a clear vision for all stakeholder and develop a strategy with that as its focus.
Digitalization has drastically transformed the global market and has made it more customer-centric. The key differentiator for any organization today is customer experience. It is thus crucial for an innovation strategy to be developed keeping customer experience at its core. Innovative business ideas that are based on a thorough understanding of the market pulse and user needs are likely to achieve the right results.
When it comes to successful innovation management, having an open and flexible approach is extremely important. Modern markets are often times volatile and prone to frequent changes. Organizations need to monitor the market movements closely and be ready to tweak their strategies accordingly to retain stability. The ability to identify market trends quickly and correctly can help companies achieve effective and agile innovation.
- Time bound
A successful strategy needs to have a realistic timeline. Given the changing dynamics of the market, planning too far ahead may prove to be counterintuitive. The strategy should define practically feasible market opportunities taking prospective market developments into consideration.
Innovative business ideas when combined with hard work, smart approach, and a little bit of luck can do wonders for a company. As Steve Jobs once said, “You have to trust in something. Your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.”