The
top B.Com College in Greater Noida, Ishan Institute of Management &
Technology has just explored something about innovation that is not too
exciting. Innovation is more than a mindset to experiment. Given that global
economic conditions have become interdependent and intricately woven by the
sparks of economic growth unleashed by economies of different nations and
corporations, innovation as a sustainable business practice has become a
different ball game altogether. To this extent, it makes enormous good sense to
assert that there is ample empirical evidence on the fact that big corporations
are great at optimizing and leveraging existing strategic business units and
resources and the small companies find innovation to penetrate the market. Once
a small company enters the growth phase somewhere innovation is lost. The challenge
then is to understand that growth brings inertia of a different kind. Organic
growth in particular can be a big barrier to companies to adopt an innovation
agenda because their structures, systems and staff get accustomed to
functioning like parts of a well oiled machine. As the machine gathers momentum
it assumes control of the driver rather than the driver assuming control of it.
As one of the top commerce colleges in Greater Noida, Ishan Institute of
Management & Technology is curious to understand the reason behind getting
into this kind of state where process dynamics assume a sense of automation and
the cycle becomes a virtual impasse for corporations to decode.
Breaking the Chain and Then Putting
It Together
But
this is half the challenge. While there are many managers and business
executives capable of breaking into this cycle and catching the bull by its
horn, there are other relevant questions they must answer. It is possible to
stop or reduce the momentum of a machine. It is another challenge to
institutionalize the change in business processes and functions and create a
customer centric business model based on an innovation. To get the resources,
staff, vendors and most importantly customers to rally behind something that is
new and untested in terms of user experience is one of the greatest barriers.
How should corporations adopt an innovation agenda? Is there a simple algorithm
or protocol to be followed for innovation to be practiced as a sustainable
business tool? At the top B.Com college in Greater Noida, Ishan Institute of
Management &Technology we refer to the following 8 fold path for
innovation. These 8 steps are as follows:
·
Aspire
·
Choose
·
Discover
·
Evolve
·
Accelerate
·
Scale
·
Extend
·
Mobilize
We
found this simple algorithm for innovation in a McKinsey research publication
and the academicians at the top B.Com college in Greater Noida feel this is the
correct way to go about things.
Understanding the Dynamics of the
Algorithm for Innovation
The
innovation algorithm that we have referred to is premised on 8 different steps.
These steps have been broken down for many reasons. First innovation calls for
change management. The rate of innovation and its institutionalization has to
be kept flexible so that it can be increased to suit a response to a crisis
situation or reduce it in case if the situation demands a less risky approach.
Second, evolution rather than revolution is required. It is important to
collect firsthand accounts of user experiences of staff, clients and
distributors. Watching for the receptivity of the market during the entire
process leaves the scope to go back the algorithm for corrective action and
control. Third, it is critical to get the innovation matrix right by matching
technologies for market segments and then attaining the right scalability.
The
above algorithm starts with aspiring to embrace innovation as a factor that is
critical to growth. The second step is to choose the right portfolio of talent,
products, markets and technology. Third, there has to be a discovery of the
right business, market and technology insights that combine to form winning
value propositions. Fourth, there is a need to evolve from an old business and
revenue model to a new one that offers scalable and defensible profits to the
enterprise. Fifth, action has to be taken to ensure a small time to market.
This constitutes the step to accelerate. Being able to launch an innovation as
a commercially feasible product or service in the market before competitors do
so, provides the competitive edge. Sixth, the challenge of scalability needs to
be addressed. Companies those are successful at innovation focus on scalability
or the lack of it before pursuing an innovation project rigorously. The ability
to repeat the functions, procedures and processes to produce an innovation for
the masses holds the key to commercial fruition of innovation projects. Seventh,
companies need navigators to get into external partnerships with vendors,
suppliers, talent, franchises and distributors to enable them to reach out to a
wide audience in the market. Eighth, companies that continue to innovate at
scale get the basics of incentive management right within the organization and
beyond. They put in place an ecosystem that stimulates talent towards
innovation within the confines of their routine functions and reward them.
Motivation in this context does serve the purpose for sustaining the innovation
stream as it is short lived. For innovation to sustain as a routine business
function it must outlive the initial spark of enthusiasm caused by motivation.
While
the above algorithm serves as a blue print for innovation in companies, at
Ishan Institute of Management & Technology, one of the top B.Com colleges
in Greater Noida we aim to follow up on this story with empirical evidences and
case studies of companies.