Make 2021 A Year of Breakthrough Innovation by Dr. Raj Kumar

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Innovation doesn’t necessarily have to be a random ‘Big Bang’ kind of event but it can be an intentional systematic process to cultivate an environment which can foster great innovative ideas. This is the season to be creative and innovative plus it doesn’t just have to be limited to certain individuals in the company, but it can be liberated to the entire organization. Great ideas can come from anywhere and great execution is cultivated through strategic collaborations across departments. There are many tools that can help to pivot your innovation strategy and charter. Some of them are;

The 10 types of Innovation:
You can use the Ten Types to help your innovation efforts in many ways. It can be a diagnostic tool to assess how you’re approaching innovation internally, it can help you analyze your competitive environment, and it can reveal gaps and potential opportunities for doing something different and upending the market. According to this framework, innovations can be categorized within a range of 10 distinct dimensions—and anyone can use the resulting strategic framework to analyze the competition, to stress test for product weaknesses, or to find new opportunities for their products.

Design Thinking:
Design Thinking is not an exclusive property of designers—all great innovators in literature, art, music, science, engineering, and business have practiced it. Design Thinking is an iterative process in which we seek to understand the user, challenge assumptions, and redefine problems in an attempt to identify alternative strategies and solutions that might not be instantly apparent with our initial level of understanding.

Disruptive Innovation:
In business theory, a disruptive innovation is an innovation that creates a new market and value network and eventually disrupts an existing market and value network, displacing established market-leading firms, products, and alliances. The term was defined and first analyzed by the American scholar Clayton M. Christensen. Through identifying and analyzing systems for possible points of intervention, one can then design changes focused on disruptive interventions.

Business Model & Value Innovation:
One of the common mistakes people make when it comes to business models is that they simply look at them very narrowly as just the pricing model for their products and services. While it certainly is a key part of the business model, the term is actually defined as the way an “organization creates, delivers and captures value”. Business model innovation, then is simply a novel way to put these pieces together to hopefully create a system that produces more value for both customers and the organization itself while reducing cost.

With that said, I hope that 2021 will be a year of great innovations for you. Do contact us if you wish to establish an innovation charter for your company.

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