All things considered for Innovation Thinking

Source: Rikke Dam and Teo Yin Siang

When we are designing innovation for the future, the search is even more centered around strategically connected value creation.

The task of searching to resolve more complex problems allows Design Thinking to step up and become a far more visible component on how we can go about this.

Design thinking needs to work in harmony with many other thinking skills to make its contribution. Here I outline some of my “must go to” frames or tools.

The need when you “cast out” and look into the future we need to make a lot of connections, these can be really different, seemingly disparate in ideas and approaches. The whole search for diversity can generate so much fresh thinking if we open our minds to the alternatives.

We need to draw on insights, creativity but most importantly have a growing sense of the context we are thinking through to search for new ideas, concepts, and eventual new innovating solutions.

We often get caught up in data far too early, looking for the real nugget that can transform our thinking. I would guard against this, we always need the “larger” context. Never allow the “narrow prism” to dominate until any concept is getting clearer in its final design. Continue reading

Valuing digitization alongside innovation

We all see around us increasing disruption caused by digitalization. The powerful effects of digitalization are opening up different business opportunities, the chance to design different business models and get far closer to the ultimate need, to understand the customers wishes from the products and services they are wanting to buy.

We are seeing a very distinctive advantage in embracing digitalization into innovation. The potential of combining digitalization and innovation insights offers significantly more potential for sustaining growth and building a greater connection into the needs of our customers.

Much of our innovation work today is caught up in out-of-date information, poor and inadequate data, restricted research and limited market understanding. Our innovation insights are badly lagging, with the effect being the solutions offered are not ‘tuned’ into the present and anticipated needs, as they often lack dynamic data. We need to digitize our innovation activities fully.

We need to ditch much of our existing innovation processes and practices, reliant on manual systems and so often trapped in silos of knowledge. Digitalizing innovation processes can potentially liberate us from ‘second-guessing’ customer needs and connect us into real-time understanding. This being ‘digitally connected’ can provide the catalyst to a greater level of innovative solutions that are far more aligned to customer and market needs.

Why does the combination of digitalization and innovation have such a transforming effect?

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Recognizing it is all about Value Creation

I am reading a lot about the concept of value creation recently, it answers everything but tells us so often nothing about how it is made up or it is truly present. It seems to have that same ‘heady vaulted position’ as innovation in that we all talk far more about the ‘promise’ of it, we want it but still are not prepared to put the real effort into it to make it happen.

So let me try and explain my thoughts on value creation. So what is behind value creation? What drives it? What will tell us this is an organization where value creation seems to well invest in, nurtured, built and protected?

So what is value creation?

Value creation is highly dynamic, it is going on all the time and can increase, decrease or transform, in different ways, when you exploit your different capitals that will be in constant change and adjusting to reflect your organization’s business activities and eventual outputs. This is when you can begin to see the value created by the use of deploying all the capitals to build new growth and what I call “stock” that along with “flow”. I loved this explaination of the two.

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Rethinking the measuring of innovation

Measuring Innovation 1I’m a little tired of the lack of original thinking that goes into measuring innovation. Most trot out the same old chestnuts, including ‘return on investment’ as always, as near or at the top.

Leaders want to hear this, the sad truth is getting a ‘decent ROI’ for innovation constructed (note constructed) is really hard. If the innovation is new to the world, how can it have a clear financial return on investment until much later, much becomes an ‘educated’ guess?

We need to appreciate new innovation balance sheet thinking

Why a balance sheet thinking? There are hard and soft measures to measuring or judging our innovation. It goes way outside financial numbers. Would we have seen the emergence of Facebook, Apple Watches, Uber etc etc if those that were determining success from their investments had actually insisted on guaranteeing the ROI before launch or within short time frames, that many of our established organizations insist upon? No it was the belief and ‘seeing’ the potential that encouraged those investing to make the initial investment and then continue on ‘future’ returns.

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Deeper read or quick summary? Depends on the time we have.

researching_innovation

I recently wrote a post “Finding knowledge and research to help you learn and adapt. On reflection I should have replaced the word “research” with “time”……time to help you learn and adapt.

Finding time is a real struggle and going that extra mile to read thought leadership views, long often drawn out reports or academic papers can be a step too far, I know but I can’t help myself, it is part of my job and certainly for me, many are really worth the read in a positive end result of new learning..

In that post mentioned above, I was recommending Deloitte and their thought leadership as a good place to visit. Now I’m not sure how many of you actually did so I thought in this blog, to pick out a couple of ‘choice pieces’ and make a posting summary of these, as ones that might be useful.

So I’ve chosen two that challenge and break ground.

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Finding knowledge and research to help you learn and adapt

Learning and Knowleodge Sharing“The world has never been as complex, dynamic and uncertain as it is today and the pace of change will only increase.”

We hear this consistently, our continual problem is trying to make sense of it.

So much is coming towards us and to assimilate it and turn it into value, usable value, so we can adapt and respond to it in new ways of opportunity by adding further to the knowledge by turning this into new innovation potential.

Seeking out knowledge, being proactive, partly helps as being consistently caught by surprise makes your world even more insecure.

To attempt to keep up to date we all need to invest increasing time in acquiring a better understanding, a deeper knowledge of all the interconnected parts. Even if we are “time starved” we simply must try and keep moving along in this understanding.

As part of my job, advising others on all things swirling around innovation, I invest significant time in researching, learning and applying what I feel is important to others, so as to understand or at least to raise their awareness to changing practices, thinking or approaches. At times it all seems to come literally flooding in, overwhelming the senses, that I just have to wait and let it settle in my mind, before I can attempt to process it and translate it into something of value to me, then eventually to my clients or readers.
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So what drives value creation?

Standing OutI seem to be reading a lot about the concept of value creation recently. It seems to have the same ‘heady vaulted position’ as innovation in that we all talk far more about the ‘promise’ of it. So what is behind value creation? What drives it? What will allow us to stand out as the place to invest in?

So what is value creation?

Value creation is highly dynamic, it is going on all the time and can increase, decrease or transform in different ways when you exploit your different capitals that will change and reflect your organization’s business activities and eventual outputs. This is when you can begin to see the value created by the use of deploying all the capitals.

Continue reading