Fostering Innovation – IT Driven Innovation Deployment for Profitable Growth – Part 3
Insights learned from Praveen Gupta
From his Presentation called: Fostering Innovation – IT Driven Innovation Deployment for Profitable Growth
Summary By Alex Jarett, Founder, Technology Executives Club and Technology Innovation Institute.
What is your Return on Technology Innovation?
According to Praveen Gupta, who spoke about innovation at a past Technology Executives Club event, the return on innovation can be very high!
Praveen demonstrated how different companies performed based upon their investments in technology innovation. He showed us a chart called Return on Innovation. He compared companies such as Apple, Google, 3M, Walt Disney, IBM and more, and showed us how IT intensive, innovation companies have a much faster and higher return.
Praveen then showed us the recommended process of Clayton Christensen as written in Harvard Business Review, which showed five processes companies should develop which include:
1. Invest in leadership development
2. Educate managers in innovation
3. Capture key value growth ideas
4. Allocate resources for innovation
5. Develop new innovative solutions
The key is that these new solutions must be monetized for growth.
To do this, Praveen and his company created a five stage road map to actually deploying the processes, above, which will change your company from randomly creating Sporadic Innovations (Level One) to systematically creating Sustained Innovations (Level Five).
This would obviously be the objective for everyone, especially when you consider the chart Praveen showed earlier on the return on innovation!
Praveen then explained the importance of making your work environment fun. He showed how google has both thinking areas and fun areas. Thinking is actually a required process! These practices lead to more innovative ideas.
As a conclusion, Praveen suggested CIOs and senior technology executives seize the opportunity! He gave five recommendations, including:
1. Lead revenue growth and customer engagement
2. Master end-to-end business processes
3. Facilitate the transformation
4. Instead of aligning IT with the business, integrate IT into the business
5. Start the innovation revolution! Identify, Engage, Experiment, Monetize and Sell!
“Think what you can be!” Praveen concludes. CIOs and Technology executives who learn a process of innovation will drive growth and end up being the CEOs of the future!
Read Part 1 here: