THREE KEYS TO INNOVATION IN 2023 Jump starting the innovation capability, accelerating and streamlining activities to gain speed on the generation of output and achieving scale are the three keys for the innovation function in 2023. Cross-functional integration, aligning with insights and innovation literacy are the means to unlocking success.
We are seeing three key areas where organizations require support: jump starting, accelerating, and scaling innovation. All three are closely intertwined with the pressing need of organizations to continuously transform themselves. The first is about jump starting a dedicated innovation capability. Where it’s important to understand that this isn’t just jump starting because organizations haven’t done anything – it’s really about a recalibration or restarting, considering the experiences and learnings with innovation – good and bad – over the past years. The pandemic has really focused leaders on leveraging and orchestrating new partnership ecosystems to accelerate innovation efforts. We are now having an increased emphasis on breakthrough vs. incremental innovation and where and how to place the right bets. Innovation needs to be very collaborative with
– humans at the center – especially in today’s ‘work from everywhere’ environment, where individuals and functions are required to be better connected across the globe. So, this recalibration or restarting really means a focus on a cross-functional embedding of innovation deeper in the business. It means strongly understanding business and customer needs and aligning innovation efforts to those business and customer priorities in a continuous manner. The second key area is about accelerating and streamlining activities to gain speed on the generation of output. To do this, there must be a synchronization of customer, market, ecosystem, competitive, and investment insights. The survey results illustrating that innovation leaders expect to spend most on Insights in the next six months perfectly lines up with what we’re seeing. Corporate development, strategy, innovation, and technology teams have all been doing their individual research efforts for a long time. We are doing a lot of work at the moment with organizations globally to help connecting the dots and understanding future scenarios. We’re supporting them to understand and prioritize different trends, such as sustainability, and new technologies, such as the metaverse, with a focus on
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