When it comes to digital transformation, companies need to be on the top of their innovation game in order to disrupt in their respective industries, setting themselves apart from the competition. And in order to innovate and disrupt in your industry, companies need to be far along in their digital transformation. This means that they need to have a digital-first (digerati) mindset or experiment in implementing an innovative mindset (digital fashionistas).
Like any project, implementing innovation does not come without its fair share of hurdles. No matter how good the technology is, organizations will still face challenges in their people and company culture when implementing an innovation strategy. That being said, companies need to balance out how they enable their people, technology, and culture in order for their innovation strategy to succeed. These obstacles can be disruptive within the company. However, they are easily solvable by enabling solutions to address challenges that people, technology, and company culture face.
Most innovation projects will encounter obstacles—limited budget, resources, security, skill sets, and even adoption. Companies who have failed to invest in the right technologies, enable innovative people and teams, and build a culture that embraces and empowers innovation, will find themselves challenged to overcome these obstacles.
The top five obstacles identified by respondents of the 2018 TIBCO CXO Innovation Survey seen in the following chart are all addressable with a strong strategy for technology, people, and culture.
Culture can help to solve the top two obstacles, which affect about 24 percent of survey respondents. Without an innovative culture, companies don’t align resources and budgets to drive innovation. A few tactics to overcome this obstacle are to make sure your executives have innovation top of mind, reward creative solutions that come from your employees, and set aside budgets and resources to fund innovation projects. These tactics, among many others, can guide your company in the right direction when it comes to facing cultural obstacles to innovation.
The proper technologies address the third-ranked challenge, affecting about 11 percent of respondents, by enabling agility and openness to existing architectures and securing innovation projects. Tactics for addressing technology challenges include replacing legacy technology with a modern technology stack, integrating new technologies to work with current systems, and leveraging big data and/or cloud into business operations.
And the last two obstacles, affecting about 16 percent of survey respondents, can be overcome with a strategy that embraces people as the assets that they are. Tactics that can be put in place to empower people include proper skills development and education through enablement, brainstorming and collaboration across teams, research and development, and appointing expert teams to take the lead on certain projects.
Not all hope is lost if you have identified obstacles with your people, technology, and culture. Avoid these hurdles by strategically enabling all three. With these critical components working in conjunction with one another, you are sure to create an innovation strategy that is bound to help you be the one to beat in your industry.