Vision to Value in Global Innovation Landscape
Developing world-class insight and global foresight requires holistic thinking, strategic reasoning, systems understanding, and forecasting capability.
As the world becomes increasingly interconnected and interdependent. Transforming vision into value within the global innovation landscape requires a strategic approach that fosters creativity, collaboration, and adaptability. Innovation, whether concrete or abstract, plays a crucial role in developing sustainable methods of production and living. The value-based management needs to be driven by concepts like multidimensional collaborative value or collective advantage and multi-layer ROIs. All these create business value; the key is agreement, in the end, the goal and deliverables.
To achieve this, several key steps can be taken:
-Foster Openness and Collaboration: Encourage the sharing of knowledge and ideas, rather than keeping them secret. This allows others to build upon existing work and accelerates the overall advancement of knowledge.
-Embrace Diversity: Promote an environment where contributions are evaluated based on merit, irrespective of personal characteristics such as race, gender, or nationality.
-Apply Objective Criteria: Evaluate contributions based on their accuracy and efficiency compared to existing methods.
-Challenge Traditional Practices: Encourage a culture where common beliefs are open to scrutiny and challenge, rather than relying on authority or traditional beliefs.
Use the eliminate-reduce-raise-create grid to identify areas for improvement and innovation.
-Eliminate: Remove factors that are no longer relevant or cost-effective.
-Reduce: Lower the standards of factors that are not essential to adding value to customers.
-Raise: Enhance key factors that add significant value to products or services.
-Create: Introduce new features that have never been offered in the industry to generate fresh demand.
Digital innovation has a broader spectrum with the right mix of incremental innovation and radical innovation. The variety of innovation portfolio is to build a varying set of unique business competencies. By adhering to these principles, organizations can effectively translate their vision into tangible value, driving innovation and progress on a global scale. Problem-solving at the global scope requires a mindset with curiosity, inclusiveness, intellectual sophistication, and cultural empathy etc. Developing world-class insight and global foresight requires holistic thinking, strategic reasoning, systems understanding, and forecasting capability.
