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Role of Innovation for Individuals and Organizations- Part 2

  
  
  
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Welcome to Part 2 of the Q&A series on Innovation for Individuals and Organizations! Below are next three questions (and answers!) on Innovation by Jatin DeSai, CEO of the DeSai Group. Feel free to ask and discuss any thoughts, comments or questions you may have...

Q2: What are some myths associated with innovation?

Answer: Among the myths about innovation is that most people think of innovation as an invention or breakthrough products like the iPhone, hybrid cars, green computers, GPS in cars, etc. Another myth is the belief that innovation is only for large companies.Other myths associated with innovation include the idea that innovation is too risky, eccentric, and time consuming to achieve. Some think innovation is only for R&D areas or for high-tech companies and consumer product industries only. Some believe that innovation is too costly and it takes too long to identify areas in need of innovation and implement solutions. All of these ideas and many more are all unfounded. Every organization, for profit or not for profit, large or small, in every function and at every level can greatly benefit from innovation. The key is to understand it, define it for their respective business, and point all innovation efforts towards one of three value-generation business outcomes - to grow revenue, to grow profits, or to grow market reputation.

Click here to read the book 'The Myths of Innovation' by the well renowned author Scott Berkun.

Q3: You say innovation is a critical driver of growth. Isn't all growth done by innovation or do you mean folks stick to tried and true methods for growth?

Answer: Most businesses are designed to make profits alone. In our, more than 25 years of experience, senior executives seem to pay more attention to the bottom line(profits) and ROI metrics then to top-line growth. Top-line (sales/revenue) growth is much harder to achieve then the bottom line. Most incentives and compensation plans are primarily tied to the bottom line and stock value. I believe this is the primary cause of much of our financial system failure. Motivation to grow the top-line with innovation rarely exists in the business ecology. Innovation, by definition, requires allocation for ‘mindful failure' (planned projects for purpose of trial, error, and learning), experimentation, and courage to withstand financial performance pressures. When there is no incentive to grow by innovation, only those real leaders with highest moral integrity are willing to do it. Here lies the irony of our current economical situation.

Click here to read how the world's largest technlogy company HP is riding the recession wave using Innovation.

Q4: How can innovation help discover what your customers (internal and external) really want?

Answer: Innovation has very specific management processes. It can be organized and managed similar to every other organizational capability. At our firm, we have created training programs, courses, tools, and methods to teach our clients how to be more creative and strategic for future growth. One of our tools is designed to discover everyone's own "Innovation StyleTM"; i.e. what stimulates creative thinking and how people approach problem solving (click here for more). By understanding this ‘human side' of innovation, it is absolutely possible to identify a client's deeper intent (beyond the needs). Once everyone learns how to bring out the best 360º thinking in themselves and from others, the organization can achieve extraordinary success and generate maximum value with assets they already have. This sounds simple, but learning to ask questions tailored to an individual's style is a much more complex. However, once individuals and management in organizations learn the skill of asking the right questions, they will become more successful in determining what customers ‘really' want and need.

Thanks,

Jatin

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