Where Are You In Your Innovation Journey?

from Forbes

Digital transformation has gone from trendy best practice to survival prerequisite. Every business worth its salt has a hand in the game. But “getting it” is one thing, and getting it done is another. Adapting to new technologies, developing new skill sets, and keeping up with customers poses a set of pretty complex challenges.

As an organization that exists to help businesses create opportunities from new and emerging technology, navigating this landscape of continual change is fundamental to our role in the world. And one thing we’ve learned is it’s a lot easier to get where you’re going if you know where you are.

More here.

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  1. Innovation is everywhere in the world of business. It does not matter what area of business you look in; most companies are striving to innovate their ideas and products no matter what, as they aim to further advance their business and become increasingly more successful and impactful. It is no surprise at all that almost every company out there sets the goal of constantly innovating for its consumers (and to lead against other competing businesses as well). However, with this in mind, there is also something interesting to think about regarding innovation. With so many companies striving to strictly innovate their products to no limit, what will the future hold with so much innovation consistently occurring each day? In today’s age, it is without a doubt that an unimaginable amount of innovation happens within many of the major companies spread across the business world.

    As these companies exponentially increase their productivity and continue to grow their marketing tactics, a resulting effect is that they will be indirectly pressured to further innovate for that growing market. Combined with how much digital usage and reliance we have, how will this affect possible products for newer business to come up with several years from now? What about even beyond just several years, but rather a few decades? Although it is certainly difficult to imagine something like that right on the spot, there is no question that the possibilities of how much the consumer market (or more generally, everyday people) can change definitely arouses interest. There are seemingly endless variables the can change the way innovation will be handled, so much so that even the structures of business themselves could be altered. With nonstop innovation occurring no matter what situation arises, will this create more entries for additional businesses to step in? Or will the fields for each area of business be shrunken down, and the creation of newer business lessening as a result? All in all, the advancement of digitalization and improvements in technology may single-handedly determine how future business will be done between the companies, consumers, and the market that surrounds it all.

  2. A big question that arises to many business companies is, “Where are they in their innovation Journey.” According to an article “Where Are You in Your Innovation Journey?” innovation is defined by three major crucial factors, invention, commercialization, and scale. Running a business, no matter how small or big of a company it is, staying up to date with technology to improve your business and bring more customers to invest in a company is essential. Customers are interested in constantly new inventions, just like apple which creates a new iPhone each year, many customers look forward to “something new” now and then. Now once the innovative ideas are settled and ready for the public, a base of “commercialization” is needed, for the public to hear about the product, the product must sell itself. To know if the product was successful or not the company needs feedback from its consumers, to determine the flaws of the product and what they must do in order to improve on it. When a new product is released to the public, it is most never perfect and therefore a constant feedback loop is needed between the customer and the seller to improve their product and satisfy their customer needs. In order for a business to flourish and be able to distribute worldwide, the company must have contacts like partnerships or wholesale distributors in order to sell its products globally but at the same time increase their revenue. The more digitized the company is the more customers it can “serve” meaning having access to their customers where the demand of the product is high. An organizations digital transformation is measured by three categories: emerging, coordinated and transformative. An emerging organization, consists of innovations which are proactive, but processes are not yet integrated, a starting product will take time to get off its feet and therefore the process; connections come later as the product takes off. Coordinated organizations include some type of process innovations across departments but are not yet multidimensional. At this stage a company is ready to start advertising their company through commercials, bulletin boards, and flyers. The last element of business etiquette are trans formative organizations who have set their standards and partnerships across the nation to achieve their customer goals. A trans formative company is set to have multiple employees to aid them in product productivity to fulfill customer demand and have a steady workforce. All these elements form part of a growing business that essentially starts from dust but eventually reaches its goal; a successful running business.

  3. Innovation is a big deal in the business industry. All companies are always looking to improve and strive for greatness. Every company tries to innovate so that they are able to please their customers and even gain new customers. One example in which companies have been improving their products are Apple. They have been innovating their technology and creating new phones that attract many people. Another way in which companies innovate and create brand new products is with toys. They have made a bunch of series for toys such as LOL Dolls and Shopkins. They do this because it attracts the kids even more and will get the parents to buy plenty of these toys. Staying up to date with technology is huge and will better the business in numerous ways. The three factors that are stated in the article; Invention, commercialization and scale are very important for a business to have. Invention is when those individuals within the company come together and create an amazing product and make sure everything is what they had in mind. Commercialization is when the company takes their ideas and make commercials and other advertising about it. In these commercials they are showing their viewers how the product actually works and what can be done with that product. A scale is when the company finds others to help them and it gives them an opportunity for their product to reach other countries around the world. There are plenty of elements involved in innovating a business as well.

  4. It is interesting how every business, not regarding any particular business, highly depends on technology in today’s generation. The adaption of technology has impacted numerous business in various ways in the nation and all around the world. In this article, “Where Are You in Your Innovation Journey?”, Matt Basford discusses how “adapting to new technologies, developing new skill sets, and keeping up with customers poses a set of pretty complex challenges” for a business, while presenting a map on the innovation journey.
    According to Basford, innovation involves three factors, including invention, discovering and testing the product idea; commercialization, getting continuous feedback from aligning the product through multiple channels, which is the beginning of product development; and scale, distributing the product to a global audience through partnerships. It also discusses how innovation depends on a business’s maturity level when it comes to digital transformation; “The more digitized it is, the more it can serve its customers where they increasingly are,” as described by Basford. This clearly illustrates how technology impacts businesses; it is the best way to gain business, since customers use the internet and other sources of technology on a daily basis, whether for online shopping or researching information about different businesses. Now, to get back on track, there are three different levels, which are emerging, which a bit more private; coordinated, which is in between the private and public spectrum; and transformative, the more public level, spreading to different companies in reach for support. The level is determined by the business process, people, and insights and analytics. These studies on measuring the level of digital transformation maturity guides businesses in making them more unique, differentiating them from other businesses.
    As an aspiring entrepreneur, I am getting more insight on the different aspects of owning a business. I can see that technology is one of the greater aspects because of the advancement in technology that has developed and is continuing to develop today. This article was an interesting article to dive into because for that reason; I want to gain more knowledge about the key steps to operating a successful business to obtain a skill-set that I would utilize in the business world.

  5. This article opens up with a culture shock, warning readers of the state of digital transformation they are in at the present moment. The acknowledgement of how digital transformation began as sort of a game, but has now expanded the a “survival” aspect in business sets the tone of the article. This comparison is one that is completely relevant at the moment in business, and also present as a student in college. Taking notes in a notepad is now out the window- taking notes on a Windows or Mac computer is seen as normal. We are in a certain period of time where technology is how you survive, and in the field of business, it is essential to understand where we are, and how to better reach success because of this. I found it interesting as to how this company specifically defined innovation and how they related it to digital transformation. In order to be successful as a company, the company’s ability to innovate relates to how well a company is able to digitally transform themselves. Now, that does not mean everything is now in the hands of a machine, but it means more work is being shared through things like the Cloud, companies are using online work spaces, and companies are advertising themselves through social media. One problem, however, is how companies are now supposed to dramatically change to become completely digital. In a society that is bound by technology, it should be almost common sense that every part of work is done through technology, but there are some aspects of work that can’t all be dependent on technology. For example, working at a law firm requires a lot of work that has to be done on paper. Although companies save work to a digital platform, they also have to keep physical files of cases. This proves that not all companies are totally transforming. But does that mean that they aren’t successful? Not necessarily. Sure today, a lot of the workforce is ran by technology, but it seems as though some aspects can not completely change.

    One problem I thought this article raised is how they define success through innovation and how they specifically judge it. Although they bring up aspects as to how they measure innovation (Emerging, Coordinated and Transformative), it is hard to accurately measure innovation because companies are in a cycle of innovation. With developing technologies, it is hard to pinpoint certain technologies that are now completely shaping business. An example of this would be the iPhone. At the start, iPhone seemed to be the only dominate phone type in the world, but now that they have almost completely dominated the market, what can they do? As of now, they continually put iPhone after iPhone on the market, but when will there be an iPhone or another Apple product that completely shifts business itself? It almost seems as though some companies are too focused on constantly innovating that they forget to rationalize how people really are. Once you, in a sense “over-innovate” people become tired of your product and begin to move on to another. With the iPhone example, the constant “innovation” of the iPhone has lead people to start focusing on other competitors such as Samsung, who are now competing to beat out Apple.

    So what does this mean? This simply means that innovation itself is driving companies to reach success, but they are also driving straight into more competition. In order to compete with other companies, it seems logical to keep innovating, but will innovation reach a point where people become sick with a product, or will innovation lead us to even greater possibilities?

  6. Today, Digital transformation is a necessary element in the success of any company. For every company, the desired destination is unique and the path is always different. However, when it comes to defining the right approach, there is a strategy to follow to guide your company’s innovative journey. So, how do you get there? Where do you begin? According to the article “Where Are You in Your Innovation Journey?”, Basford discusses how innovation is defined by three key factors: invention, commercialization, and scale. These factors form a growing successful business. To begin with, Digital transformation affects every business in every industry, no matter how big, old, or established it is. But digital transformation also has the ability to provide opportunities for increased growth and revenue. As mentioned in the article, the first key factor is invention, “the discovery, prototyping, testing and iteration of a product idea to serve an unmet need”. Commercialization would be considered “the alignment of the product with its audiences through multiple channels and through a continual feedback loop, which in turn leads to ongoing product development” and a scale would be a “service of and distribution to global audiences through partnerships.”

    In reality, digital does not just involve technology, but is an ongoing process of altering the way an entire organization is measured and conducts business. An organizations digital transformation is measured by three categories: emerging, coordinated and transformative. An emerging organization, innovation is proactive. In a coordinated organization, there are some type of process innovations across departments but are not yet multidimensional. At this stage a company is ready to start advertising based on creativity and logic to improve products, operations, and decision-making. The last category of business measurement is transformative organizations, who have set their standards across the world to achieve their customer goals and satisfaction. We understand that companies are constantly evolving, but does anyone ever think of what it means for one to transform? Within the evolving technological landscape, companies are undergoing digital transformations to better their efficiency and competitiveness in the marketplace. In fact, nearly every company sees the potential of digital transformation, in which will create new values and improve their competitive positioning. For this reason, Digital transformation requires commitment because it’s not typically a simple process. It truly takes significant changes to form a long-lasting industry.

    Based on the article, it is important for business leaders to constantly challenge their organizations to ensure that this innovative journey can unlock productivity gains and significant competitive advantages all while delivering exceptional customer experience. As mentioned in the article, “The more digitized it is, the more it can serve its customers where they increasingly are.” Personally, I find this innovative journey to be the kind of journey that encourages companies to compete with each other yet driving every company to reach success. Whether big or small, digital transformation is imperative for all businesses. Keeping up with technology will not only determine the fundamental changes on how businesses will operate, but also bring more customers and deliver value to customers.The goal here is to incorporate a mix of the newest technological opportunities into organizations to succeed and achieve amazing, desirable business outcomes!

  7. In my entrepreneurship class, I had the opportunity to witness the story of how two little kids created their own business. Their journey began at the age of five. Their mindset has grown so much more within the years that have been in business. Those kids created a board game that encourages others to have an entrepreneurship mindset. To explain the game a little bit more, the players have 90 seconds to create an idea based on the rolled dice and with the different cards presented during the game. They also have 90 seconds to pitch the idea to the other players, who act as inventors that provide funding in creating their idea.

    Although the business is a board game that does not require the technology side of innovation, during their presentation, it was so clear that they have been innovating the board game to keep up and adapt to the needs of their market. They were able to do so were by talking to customers on the improvements they should be making. They presented to us their prototype, which was made of styrofoam board and two other amazing final products, which I thought were great! However, they mentioned that a business is always changing in order to reach its full potential and beyond that. To continue to innovate, they are now in the process of form the game into an app, which is incredible.

    The article is right on the spot with what these kids have gone through to get to where they are now. They used a lot of commercialization in order to change the board game to fit the needs of their customers. They were able to scale their business through different partnerships; currently, they are partnering with NASA. It is very easy for us to be stuck where we are with our businesses or ideas. Some may be afraid of reaching out and stepping out of our comfort zone. However, if we are not taking the opportunity to innovate, we will never know what it is like to be at our full potential.

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