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Are You Hanging Your Chief Innovation Officer Out to Dry?

 

Are You Hanging Your Chief Innovation Officer Out to Dry?

GUEST POST from Teresa Spangler

Only 7 percent of companies are delivering on the growth triple play Many innovation leaders are feeling “hung out to dry.” It’s not for the lack of desire to innovate for sure. The challenge is the current innovation processes themselves are not always conducive to actually innovating:

  1. the effort hits the balance sheet and potentially impacts profits
  2. organizational teams fear the unknown and not being involved so often does not support the effort
  3. some innovation leaders alienate team members Innovation is not a buzzword, it is not easy or for the faint at heart. In a hyper-disruptive economy where technologies are impacting everything and changing at unfathomable speeds, keeping pace with trends will take a concentrated effort with very little tolerance for complacency.

    Times of uncertainty bring times of doubt and fear on taking risks and making changes. However, the opposite is needed to continue growth in challenging economic times. Companies that infuse creativity and combine creativity with analytics and as McKinsey notes, PURPOSE, continue growth at a faster pace. These companies are creating new products that matter to their customers, they are innovating new campaigns and ways to engage customers as well as new ways to acquire new customers. Innovating methods, business models, and campaigns are just a few outcomes of driving creativity and an analytic savvy in your company’s culture.

    Innovation does not have to be groundbreaking disruption (of course it can be! but does not have to be). Iterative changes to the benefit of future needs of customers can be a ground-breaking change for your company’s growth strategy. What is your company’s risk tolerance? What freedom to play with new ideas does your innovation team have or your new product development team encourage? How well aligned are creative process with sales, marketing and product teams?

    Plazabridge Group has been involved with 100’s of projects over 15 years and we’ve seen success come to those that double down in the hardest times staying future focused. Segmenting out a future’s team that focuses on the future is important. The day-to-day business must keep going. There are a number of methodologies that work well but none will work at all without a few key changes to the organization to ensure ideas flow from ideation to commercialization.

    In the The Wall Street Journal article: Why More Companies Are Putting the LEGO Group Bricks in the Office, Lego Serious Play (LSP) has been used The key is not all play! The necessity to drive a stronger analytic savvy is critical to the effort. In the efforts to create, we must answer the questions: WHO CARES? and WHY? and WHAT WILL THEY CARE ABOUT IN THE FUTURE?

    Here are a few tips to consider that may help make driving innovating just a bit easier on the organization:

    1. Build your innovation team’s sandbox and give them freedom to work within these constraints. Innovation is not permission to roam freely and haphazardly. Under a defined set of guidelines with a defined budget and set of resources the innovation team can be quite effective.
    2. Remove barriers to approvals under the above guidelines. Allow the innovation team to introduce to departments and company leaders new ways of thinking At the end of the day, you need strong people with a tenacity to pursue outside the world of the unknown. This does not always feel comfortable to the organization. Just don’t leave the innovation team “hanging out to dry!”

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