Avoiding Disruption
First of all, please realize that there is nothing you can do to prevent your industry from being disrupted. However, that does not mean that you have to fall victim to it. But it requires your organization to take proactive measures.
The fact of the matter is, by the time you see the disruption coming you’ve missed your window to act. It takes too long to change outdated products, services, and practices. And no matter how much they may like you, your customers will not wait around for you to work the growing pains.
What your organization needs to do is adopt a structured approach to Innovation Management now. Investing in new ideas and initiatives today provides you with the needed flexibility to handle whatever comes its way tomorrow.
Why Is Action Required
Disruptions are happening faster today than in years past because of:
- Increased global competition
- Increased access to capital, and
- Increases in technology that are allowing companies to scale quicker than ever
That’s why a recent McKinsey & Company survey found that 94% of Executives are not satisfied with their company’s innovative performance. Which is backed up by the Organisation of Economic Co-Operative Development who noticed a widening gap between companies that focus on innovation and those that don’t. And then finally INNOSIGHT has noticed that corporate longevity has been decreasing from 87 years in the 1920’s down to less than 20 today.
From McKinsey and Company, 94% of Executives are not satisfied with their company’s innovation performance 
The widening performance gap between companies focused on innovation and those that don’t by the Organisation for Economic Co-operation and Development 
Corporate longevity has been decreasing over the years according an an INNOSIGHT report.
What Can Be Done
The first thing we urge everyone reading this to do is look into the processes their organization employ today. At a minimum, those processes need to include the ability to capture new ideas and turn those ideas into profit-generating (or cost saving) initiatives. You receive bonus points if you have a structured governance process to ensure ideas are evaluated based on their strategic fit to your organization and you capture metrics regarding how an idea is performing.
It is also important to note that there are plenty of resources to help you flush out your Innovation Management program. There is a new International Standard for Innovation Management (ISO 56000) and frameworks like our InnoSpecting Framework to use as guideposts. There are non-profit organizations like the International Association of Innovation Professionals that provide thought leadership and training on the topic.
We also provide a variety of training and workshops to help your organization build the skills and knowledge necessary to get a program off the ground. And if you need more support, we offer coaching and consulting packages that will allow our experts to work shoulder to shoulder with your team to quickly address any capability gaps, to ensure your processes take hold, and are providing positive Return on Investment.
Next Steps
For those of you who are looking for help and ready to get started, but aren’t sure where to start, email us at info@everevolving.biz. We will identify a time for a one-hour consultation to get to know you and your organization and its needs. From there, we will help you identify a tactical plan to address any risks to your organization from an innovation management perspective.
As I identified above, you can also check out the IAOIP and begin to familiarize yourself with the ISO 56000 standard. You may also want to follow them on social media (Facebook | Twitter | LinkedIn | Instagram) so you can be the first to consume some of the great content they publish or join their community of innovators for $200/year. They are also offering an accreditation program if you would like to know how your organization aligns with the ISO 56002 standard for Innovation Management.