It's time for change. Find growth factors in Innovation and Transformation.

The impact of business innovation is critical, now more than ever before. Many business organizations realize (the hard way) that innovation and transformation are not a matter of choice but essential growth factors in a new and changing equilibrium.

The business arena is rapidly changing. Like a domino effect set in motion, leading global corporations have become more vulnerable, in terms of exposure to technological disruption, global economic instability, and even “expired” business models that used to work.

These challenges along with the market changes result in a direct effect on any business strategy, formulation, and implementation. The strategic planning process must change fundamentally, sooner than later. However, without a change agent and creativity, it is unlikely that the adoption of a new process will happen. The term innovation is widely used, again and again. However, despite all the good intentions, many companies are still stuck in a sea of sameness.

To better deal with this situation, business leadership functions should realize that there is a need to rethink innovation strategically. In a world where megatrends such as remote working and globalization are dictating new rules of business engagement, creativity, and practical innovation are vital. It could be reflected in a holistic business innovation strategy.  

Business innovation strategy should be an integral part of the overall business strategy. It has to be a management decision to really embrace change. To do that, the company needs to identify new functions within the organization, that should be part of the new process. Which functions? Data scientists, for example.

Data scientists usually identify trends, solve analytical problems, optimize performance, and visualize information, based on exploratory and detailed analysis of large data sets. From smart problem-solving to enabling informed decisions, Data scientists provide strategic insights to various stakeholders in the organization. Data scientists can contribute to the business innovation strategy process by suggesting new ideas and identifying unique business values. This is just one example.

How do I know it? I have participated in countless strategic planning meetings, for start-ups and global corporations alike. My perspective has been changed as I have exposed to practical innovation methodologies and processes. Above all, I was fortunate to complete the IBM specialization and earn the Data Science Professional Certificate, a few months ago. It was a really great demonstration of the ability to solve real business problems and impact any business organization at a strategic level.

So, how will you approach the strategic planning process?