Technology has always been a driver of innovation.
This is truer now than ever before, with advancements in resource planning and data management making big waves in the business IT world. Research by Mckinsey Insights revealed eight primary attributes present in various high performing business model and product innovations. Here, we’ll review each attribute, its role in innovation, and how technology empowers each:
Does your organization prioritize innovation-led growth? Agencies must identify targets for growth and assess how innovation can contribute to financial objectives and growth goals. While this was once a labor-intensive process, data aggregation and metric analysis software has empowered tech organizations with more data than ever before. Backed by big data, assessing the financial impact of successful innovation becomes much simpler.
Innovation is always risky. Executives must strategize their investments. Fortunately, tools are emerging that streamline the project assessment and resource allocation process. Legacy databases and resource planning tools are taking a central role in data governance. These enterprises collect, structure, and report information in ways that improve organizational decision-making.
To effect meaningful growth, innovative processes must be approached with differentiated insights that markets haven’t yet seen. These creative perspectives can be found by careful assessment of the problem, available technologies, and the business model supporting it. Technological growth supports innovation here by opening up possibilities for prototype development. This empowers companies to explore new opportunities and validate their ideas without excess resource consumption.
Innovation is, by nature, a process in constant flux. It doesn’t take long for today’s innovation to become tomorrow’s old news. Outreach and diversification technologies power organizational evolution. In an increasingly interconnected world, agencies are needing to expand their business models to accommodate a wider range of customers.
The market research and consumer input that drives growth has an expiration date, and businesses must have processes in place to bring innovation to market as quickly as possible. Collaborative workplace software can help speed this process along, facilitating communication between team members and increasing visibility of decision pathways throughout the process. This ensures that those with the necessary skills can apply their knowledge at crucial points in the deployment process.
Though innovation is a progressive goal, it’s easy for organizations to overreach. Innovative strategies must be appropriately scaled to their market. Research is critical to determine the size of the targeted market, which resources must be allocated, and how to deliver at an appropriate volume. Enterprise management software provides some insight here, with data allocation and analysis tools that allow greater market segmentation than ever before.
Deploying innovative strategies requires coordination from multiple collaborators, each of whom have varying talent flows and expertise. This includes sharing costs, sourcing ideas, and capitalizing on the fastest available channels to bring a product to market. These external partnerships are made easier by our fast developing online ecosystem—connecting businesses through online channels, social media, and third-party service providers who can bridge the gap between industries.
Innovation must be ingrained in the corporate culture you create. A flexible environment that prioritizes collaboration, exploration, and experimentation achieves consistent and actionable innovation. Processes must be put into place that empowers employees and management to explore their ideas and take chances when appropriate.
Innovation relies on technology in countless ways. Organizations must delineate clear plans for their innovation strategies, assess their resources, and determine what technologies exist that can help them achieve their goals. Innovation may be slow, but technological growth is opening doors for creative experimentation never before possible.