To create its own future an organization anticipates and invests in tomorrow’s opportunities. This involves building an organization which supports innovation. The organization systematically seeks and converts ideas into products/services customers will buy and processes that improve corporate effectiveness.
Commit to a Future You Define
Leaders make decisions today that create a desired future for the business. Create a flexible long-term plan and set goals that can be adapted to changing external conditions. Execute the plan in the present to realize a desired future.
Create Room for Innovation
Organizations block innovation by failing to abandon old services tired revenue streams, and old ways of doing things. Evaluate which services should be abandoned. These include unprofitable and end of life services where growth is slow and where it is becoming difficult to compete. Hanging on to the past prevents the creation of your future. To create room for innovation, break with the past.
Undertake Transformational Change
Transformational leaders vigorously challenge corporate sacred cows, which limit new ideas and opportunities. They leave behind outdated assumptions about the business. Transformational change is never easy. For it to occur, abandon the past.
Systematically Seek Opportunities
Systematically seek opportunities as if your life depended upon it. Unearth opportunities in unexpected occurrences, unanticipated external events, demographic change, new knowledge, change in buying habits, incongruities, industry and market disparity, and where you have experienced failure.
The challenge is to create a disciplined approach that converts ideas into innovative services that customers want to buy and processes that improve the organization’s effectiveness. Most organizations do not have a process to drive innovation. Moreover, their structure and culture are barriers to innovation. To overcome these barriers, a defined process for innovation is required.
An efficient and effective process
- is designed to generate, manage, and evaluate ideas
- provides consistent, clear, well documented methodologies
- has a set of criteria against which all ideas are evaluated
- generates only the information required to answer the relevant questions
- is scalable, repeatable, and sustainable
- coupled with a powerful execution capability turns ideas into new customer services or improves organizational effectiveness
- creates a sense of urgency
Matching Innovation and Strategy
An organization’s innovation tactics articulates its opportunities in terms of defining new markets and the scope of their offering. To be successful
- define the space and set the scope of the offering
- set out to own the new space
- focus on the future versus what currently exists
An innovation process builds a portfolio of services and business processes that define the future of the business. The leadership asks
- What are our core capabilities?
- What resources do we have to build the future?
- What new skills do we need to develop tomorrow’s business?
- How will we balance the needs of today’s business with those of tomorrow?
- Are we focused on multiple businesses versus relying one?
Allocate the Resources
Allocate resources to services and markets where the leadership sees the company’s future. They ask:
- What resources are we allocating to tomorrow?
- Are our resources appropriately allocated to ensure a successful tomorrow?
To create your own future commit to a plan that describes the desired future. Create room for innovation by breaking with the past. Undertake organizational transformational change. Systematically seek opportunities. Convert opportunities by establishing an effective innovation process. Match your innovation tactics to your business strategy. Finally, allocate the resources to the task.
- Stumbling Corporate Stars
- Best of the Best Self-Management Books
- The Start-up of YOU!
- Why Companies Choose to Fail
- The Customer has Made a Comeback!
- Canada – 100 Times Slower Than Google Fibre!
- Innovation Trumps Cost Cutting
- Contemporary Business Books
- Gigabit Access, the Engine to Prosperity
- Sweating the Copper
- Time for BCE to Think Globally
- How to Improve the Performance of Acquisitions
- How to Forecast Your Rivals’ Strategic Moves
- How to Avoid the Pitfalls of Change Management
- IT – Afterthought or Disruptive Enabler for Strategic Change?
- Create Your Own Future!
- Best of the Best Books on Organizational Change and Culture
- Best of The Best Strategy Books
- Seven Beacons of Strategy Development
- Which Competitve Strategy?
- Five Crucial Activities of the Transformational Leader
- Strategic Abandonment Delivers Growth
- Entrepreneurs, the Forgotten Engine of Innovation