4 critical elements you need to know to boost innovation in your organization.

Innovation boost in any organization requires a focus on 4 critical elements. Business leadership, employee empowerment, lean management orientation, and external influence.

Innovative inspiration starts with the top leadership as a strategic decision. Business leaders are expected to be flexible and versatile yet at the same time, they must become adaptive and innovative. It is imperative as they need to remain effective in global complexity and multifaceted challenges.

Supported by the management, innovative inspiration becomes an integral part of the organization, an embedded value that contributes to a true culture of innovation.

Innovative organizations encourage employees to dare, invest time and take smart, innovation-related risks. Innovative instructional delivery methods should be implemented and provide the employees with the ability to become real change agents. The human factor is a critical aspect - the culture of innovation thrives and is better adapted by empowered employees.

The organization itself needs to adopt a lean business management orientation. It will enable re-thinking of budget allocation and better support the overall culture of innovation. Yet, it is not enough. Sometimes even thinking out of the box is not enough. One needs to go and interact out of the box. It means being open to possible external influences, such as business cooperation, joint ventures, and strategic partnerships.

New technologies generate new business models which means new opportunities as well as potential challenges. Cooperation with a trusted business partner could be an important strategic enabler - it reflects a pragmatic approach to business development and growth.

It is evident that the advancement in technology dictates new business models, and innovation in terms of business enablement. Change in the way of thinking and doing business is no longer a matter of choice but an essential means of growth. Looking at the broader picture, from a perspective of almost 20 years in the business arena, I do realize that innovation has many forms. Moreover, innovation can come from many channels, places, or even other companies.

Ambitious businesses realize that innovation is a must-growth factor that can be a good answer to existing challenges. To achieve the best capability, business organizations need to work in partnerships with a focus on innovation and agility. From the strategic perspective, it is a great opportunity to think (and operate) outside the box and achieves an advantage through integrated joint capabilities.

I believe that it is essential to look beyond the existing business boundaries and gain access to new ideas, technologies, and business models. Implementing technology scouting and open innovation methodologies can accelerate business development and growth processes by providing a critical competitive advantage.

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