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In the digital age, all businesses strive to stay relevant; employees continue to feel pressure to perform at higher levels. Organizations feel the hype around the idea of new innovations, but unfortunately they do not understand what is needed to make innovation happen.
Innovation seems to come from those individuals who have nothing to lose. In the digital age, groups of individuals who are not afraid, and who portray agile and risk-taking traits seem to have businesses that succeed. How do we instill this risk-taking energy into employees in existing businesses? How could large organizations, like video rental giant Blockbuster, innovate like a smaller organization, such as Netflix?
Unfortunately, larger organizations are often too busy believing they are better, when in fact they are hiding deficits and just trying to survive. The employees in these established businesses fear everyday that the company will disappear. The even scarier part is that the employees’ perception and expression of fear often come to fruition; if the company does nothing do address innovation, the company will eventually disappear. This is exactly what happened to Blockbuster.
Companies that are interested in a sustainable future need to focus more resources on innovation. This requires clear objectives from top management about what innovation means to the organization. These business leaders should also lead their innovation teams. Is the company looking for sustainable innovation, which is incremental, or is the company looking for disruptive innovation, which is focused on new opportunities for the future? The strategy for implementation is different based on the definition of innovation, as well as the needs and the mission of the organization.
If the term ”innovation” is not clearly defined, employees are left feeling the hype and the fear instead of understanding how to be innovative. If the employees have a sense of worry, then they will not be willing to take the risks needed to implement the changes that are required for the business to succeed. Consequently, it is more important than ever to include the employee in the process and to actually listen to their innovative ideas while trying to integrate them into the innovation mission.
Once the organization has a clear mission, including the measurable objectives then it is time to put the plan into action and a time line is recommended. This implementation time line should be six months or less. The most difficult part of any innovation is the implementation plan. Ideas are very easy to generate; what is more difficult is carrying out the plan within the organization’s current structure. This is the key reason that new start-ups have an easier time getting the innovation to market. Therefore, innovation needs to become part of the organizational structure.
Follow these simple seven steps to integrate innovation into your existing organization:
1. Define the mission. Exactly what is it that you are trying to do?
2. Set an innovation budget. Call this budget a gambling fund and expect to lose more than you win. When you do win, it will pay for all the losses times 20.
3. “Cooperation:” Seek out opportunities to cooperate with your competition. Wow that is innovative! Think Game Theory – the best strategy is one where everyone wins!
4. Remember, not acting is ultimately a decision.
5. Strive for transparency. Your employees need to understand where you are going if you expect them to help you get there. Besides, with the internet, your secrets will not stay secret for long, especially if you have a real good idea.
6. Try to incorporate new technologies into your business practices: checkout HooteSuite, Smartsheets, Domo and Indiegogo. These products and others will help you look at your business differently.
7. Be prepared to adapt. Recognize that this could be fun, especially when you know that what you are currently doing is not working. Change is the ONLY constant that exists in the digital age.