Without updating innovation processes companies can not create competitive innovation. Here are the biggest innovation trends your company should apply:
Decentralization
Decentralization is a management approach which includes as many decision makers as possible. Being centralized is a risk. Everything proves that single person or small teams can hit the jackpot sometimes but not consistently in the long run. Decentralize innovation from a single person or a closed team by including more teams, customers, partners.
Crowdsourcing
Unless your company has strict security protocols you should be using the collective power of the “crowd” – your customers, partners, everyone. Crowdsourcing is not decentralization because it does not share decision making but it collects information and knowledge from everyone it can.
Openness
Decentralization and crowdsourcing will not be very effective if the company is not transparent and open, if it does not share more about itself and its goals. People who need to be included in decentralization and crowdsourcing are sensitive to company transparency. The more open the company is, the better.
Data & AI
Supporting above trends with data & AI can be very powerful. Sharing data and AI reports with customers can educate and empower them, and position your company as more open. However, using data & AI without above management and cultural changes will only entrench the outdated innovation methods and block the change.
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