There are no rules around innovation, except one: CIOs must innovate. But dilemma the face: How to maintain an innovative IT infrastructure that generates value for the business without breaking a tight budget. Yet they know that the economic slump is no excuse to delay important innovation projects, and that the actions being IT leaders, they take now can help businesses emerge from the downturn able to compete—and grow. They are left with no choice but to embrace Innovation Process Management (IPM) and embrace it with strategic thought-point.
Innovation Management is a key business process with the strategic purpose of delivering 'the competitive advantage'. The results of managed innovation, be it technology innovation or process innovation, are easy to discern in the successful products of today. These are products that we initially did not even know we wanted, but can't possibly do without now. These products are also the ones that display 'commercial longevity' despite fierce market conditions. At the core of it, innovation ultimately means only one thing, i.e., 'applied creativity' but it is nowhere near to what is understood as a 'quick fix' solution.
Innovation, predominately, is the result of highly structured creative thinking, pragmatic planning and strategic alignment to the business vision.
Better to wake up to the reality that innovation is a vital ingredient to the success of any business and ultimately it keeps you ahead of your competitors. Wake up to the reality that new technologies, new products and new services provide the company with far more business opportunities than by any other business mean. However, in order to achieve this goal, you require an organization, which is highly competitive, and have a crystal clear vision of the road ahead and the ability to strategically manage change.
'Innovation is not just about having good ideas, it's about managing new ideas, improving old ideas, understanding and anticipating markets and technologies'.
It is now more important than ever to deliver products and services that provide genuine competitive advantage. It's simply no longer good enough to have a kind of 'me-too' product portfolio if your commercial expectations remain at a much higher level.