Encouraging innovation in today's companies

[msttasnuvanava]

One of the unique selling propositions that every company should prioritize is innovation, so much so that I would say that it needs to be part of its corporate DNA. Today more than ever, it should be the central and main topic of all conversations with clients and all brainstorming sessions . In my opinion, when it comes to encouraging innovation in an organization, there are several key factors. Among the top 5, I would put the following:


Security
We won’t achieve anything if we don’t first believe we can do it. The same is true with innovation. When we work for a larger organization, we often hold back because we think innovation works only with fintechs or startups . The reality is that we find more opportunities and tools in established companies. The key is to discover the internal processes that are necessary and find great collaborators who allow us to move more quickly from idea to plan to execution. If we take what we know plus what we are learning along the way and put together a set of best practice tools, it will help us pave the way for future endeavors.


Collaboration
Once we have confidence, we now need to find collaborators and a good team of colleagues and stakeholders with whom we can share ideas and knowledge, and who, ultimately, can help us carry out our vision. Another advantage how to get telegram profile link belonging to a larger company is that we have an inexhaustible source of experts, work teams and mentors, who make cross-functional collaboration possible and our work continues in an efficient and fluid manner. Therefore, by establishing connections within a global organization that is already integrated, we can create a network that enables innovation and to which we can turn whenever we need it.


Determination
Success breeds confidence, but failure imparts wisdom. What counts is what we do after failure, what we learn. That is why acting with determination is key; challenging the status quo , not being afraid of calculated risk, and sometimes not even of failure.

Peter Drucker, one of the founding fathers of modern business management (and a fellow consultant), has a quote that goes like this: "There are companies that do well by improving what they already do. There are companies that do well by expanding what they already do. And then there are companies that do well by innovating. Every great company should be able to do all three: improve, expand, and innovate, at the same time ." In today's world, where everything is constantly mutating, changing, and evolving at rapid speed, this is a pretty apt truth. If we don't foster the environment and leaders that will enable us to make good, fact-based decisions quickly, create confidence in our chosen course of action, and create some appetite for risk, then we won't be able to foster innovation either.

This brings us to culture, which is our next point: culture that enables innovation.


Culture
In order to successfully nurture an innovative team, we must first create innovation-oriented leaders. This means fostering trust, psychological safety, and a constant flow of ideas, conversations, and efforts that contribute to innovation. Teams should feel comfortable and connected to their leaders and peers, knowing that it is not only okay for them to take risks and fail, but that they are encouraged to do so. Talented teams are an inexhaustible source of creativity, and the key lies in the strategy we apply as leaders to unlock it.


Curiosity
Sometimes we have everything we need to innovate: we trust our leaders and our team, we are mentally prepared to achieve it and we have collaborators who help us throughout the process, but we don't know where to start. This is where curiosity is the key that opens doors for us.

If you ever find yourself lacking inspiration to innovate, ask your customers. What pain points do they see as a challenge? What kind of insight do they need to help them in the decision-making process? How can we make the future they envision a reality? If we step back and look at innovation with a different business perspective, we will surely find the answer.

There are many other examples of corporate giants that adopted this customer-centric strategy and found success. One example is Lego, with its open-source product development initiative, which saved the company from financial trouble at the turn of the century. Another example is DHL, with its delivery drones, a crowdsourced initiative that improved the bottom line and increased customer satisfaction rates significantly.

More than by the structure of a team or any other characteristic, innovation is encouraged by our way of thinking, by our diversity, by believing that we are truly innovative. Therefore, I hope that we all have enough confidence to carry out our ideas, to find the ideal collaborators to help us achieve them, to leave behind our fear of failure, to trust and encourage a work environment that allows innovation, and to have enough curiosity to find the answers we are looking for.