Yuriy Gaiduchok, VP Business Competence and Services at Intellias.
Innovation is usually perceived as a buzzword today. It is especially true for frequent digital changes we don’t notice anymore — whether it’s a new feature to save time, service to connect with more people, or app for having fun.
Do we really need constant innovation? In the last 15 years, over 50% of companies dropped from the Fortune 500 list. Your business model might be a success, but if you don’t innovate, it will fail under rapidly changing market conditions sooner or later.
Innovation is not as much about new ideas or inventions, as it is about execution: move on, fail, learn from failures, and then move on again. Industries and markets transform, customers’ expectations evolve, and companies need to change too. Not just once, but all the time!
We, at Intellias, help our clients innovate in their industries – for example, build self-driving car ecosystems or create fully digital banks. At the same time, we focus on how we can solve our clients’ specific problems instead of just focusing on what we can do. Often, several simple questions from different perspectives can change the entire engagement scope and approach.
To create an environment supportive of innovation, here are some of the top tips to follow (and mistakes to avoid) from dozens of industry experts.
First, get rid of the fear of failure. It only hinders innovation. Failing is vital to the innovation process that involves a lot of experimenting. It contrasts with the classical management approach, where all risks are evil. You need a different mindset here: learn from failures and avoid repeating mistakes. As Amazon has aptly put it in one of their 14 Leadership Principles, “Leaders are right a lot”. You may be wrong sometimes but must be right much more often. Therefore, at Intellias, we constantly collect feedback from employees, partners, and customers. Next, we choose top ideas for validation, try several concepts, track results, and encourage everyone to try more.
The second important aspect of driving innovation is asking the right questions. Don’t just think outside the box – find a better box! Ask yourself: am I solving the right problem? Be as close to the client as possible to spot their most significant pain points, and you’ll be able to build the best possible solution for them.
Just because something worked a few years ago, it will t necesnosarily reliable industry data rather than only opinion. In our company, we collect work today. So, the third key point is about decisions and actions based on recent and business insights from our clients and gather all our knowledge into the corporate knowledge base. It allows us to frame new solutions and services targeting real market demands.
I hope these recommenivdations will help many businesses, as much as they help us building a more innovate environment and increase the chances of innovation success.