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Part-4: For CEOs, what are the FOUR critical innovation barriers that must be addressed?(Part 4 of 4)

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In this four part series, I mentioned that every CEO and business executives who intends to lead innovation as a strategic agenda will need to address four critical barriers to innovation. 

First barrier is the mindset to harvest ideas and manage those ideas as Venture Capitalists does not exist, second barrier is the inability to recognize how to align the abundance of resources available to large organizations for investment in innovation, the third barrier is to recognize the sheer size of the human capital assets that are under-utilized and disengaged from an organization’s creative capacity. The opportunity for most organizations is to dedicate talented “New Game Teams”, focused on harvesting the creative ideas and leadership competencies, to build new top-line growth capacity. 

The fourth and final barrier relates to the broad product and delivery capabilities that large-scale organizations possess. 

For example, since the mid-1980’s in the financial services industry, the typical company has gone from handful of delivery channels (Branches, Relationship Managers) to literally 15-20 channels (Branches, Direct Mail, Internet, National Sales Force, Business ATMs, Corporate Cards, Affinity Marketing, Wireless, etc.); all the while expanding its product offerings by ten-fold.  “Anytime, Anywhere” banking has become the price of entry across the industry as providers strive to meet the need of large and diverse customer bases. 

This has created a huge challenge, since those dedicated assets to serve the wide variety of customers are not fully leveraged for new innovation. The complexity of providing the right product to the right customer through the right delivery channel in real-time – in a way that doesn’t destroy the economics of the company – becomes a monumental challenge with each new innovation.  Add to this, the overwhelming issue of tying the employment brand to the product brand in the marketplace and the various components of talent acquisition. 

The bottom line: the accomplishment of end-to-end alignment between products, channels, and talent acquisition (employment offers) is the single largest challenge facing large companies today. The best organizations that can create smaller more nimble organizations while retaining to leverage strength of larger institution will be in the best position to out-compete in the future, enter emerging markets quickly, and adjust to external fast-pace factors. 

For complete details, please download full 23 page whitepaper on “Mastering Innovation –  Roadmap to Sustainable Value Creation by Mr. Jatin DeSai

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