Post by Admin on Jan 15, 2021 20:00:52 GMT
Module 3: Innovation
Leaders search for opportunities to change the status quo. They look for innovative ways to improve the organization. In doing so, they experiment and take risks. And because leaders know that risk taking involves mistakes and failures, they accept the inevitable disappointments as learning opportunities.
As the market in which we operate changes, a company’s ability to innovate—to tap the fresh value-creating ideas of its employees and those of its partners, customers, suppliers, and other parties beyond its own boundaries—is a core driver of growth, performance, and valuation. More than 70 percent of the senior executives in a survey recently conducted by McKinsey Quarterly say that innovation will be at least one of the top three drivers of growth for their companies in the next three to five years. Other executives see innovation as the most important way for companies to accelerate the pace of change in today’s business environment. Leading strategic thinkers are moving beyond a focus on traditional product and service categories to pioneer innovations in business processes, distribution, value chains, business models, and even the functions of management.
Research also shows that most executives are generally disappointed in their ability to stimulate innovation: some 65 percent of the senior executives we surveyed were only “somewhat,” “a little,” or “not at all” confident about the decisions they make in this area. There are no best-practice solutions to seed and cultivate innovation. The structures and processes that many leaders reflexively use to encourage it are important, we find, but not sufficient. On the contrary, senior executives almost unanimously—94 percent—say that people and corporate culture are the most important drivers of innovation. How do you as a leader hire and develop innovators? How do you create a culture within your team that inspires innovation?
Learning Outcomes: At the end Innovation, you will be able to:
• Tap into your own innovative capacity
• Identify tools and strategies to integrate innovation into your work
• Understand why innovation is critical in today’s non-profit environment.
• DESIGN a Project for the Innovation Garage
Leaders search for opportunities to change the status quo. They look for innovative ways to improve the organization. In doing so, they experiment and take risks. And because leaders know that risk taking involves mistakes and failures, they accept the inevitable disappointments as learning opportunities.
As the market in which we operate changes, a company’s ability to innovate—to tap the fresh value-creating ideas of its employees and those of its partners, customers, suppliers, and other parties beyond its own boundaries—is a core driver of growth, performance, and valuation. More than 70 percent of the senior executives in a survey recently conducted by McKinsey Quarterly say that innovation will be at least one of the top three drivers of growth for their companies in the next three to five years. Other executives see innovation as the most important way for companies to accelerate the pace of change in today’s business environment. Leading strategic thinkers are moving beyond a focus on traditional product and service categories to pioneer innovations in business processes, distribution, value chains, business models, and even the functions of management.
Research also shows that most executives are generally disappointed in their ability to stimulate innovation: some 65 percent of the senior executives we surveyed were only “somewhat,” “a little,” or “not at all” confident about the decisions they make in this area. There are no best-practice solutions to seed and cultivate innovation. The structures and processes that many leaders reflexively use to encourage it are important, we find, but not sufficient. On the contrary, senior executives almost unanimously—94 percent—say that people and corporate culture are the most important drivers of innovation. How do you as a leader hire and develop innovators? How do you create a culture within your team that inspires innovation?
Learning Outcomes: At the end Innovation, you will be able to:
• Tap into your own innovative capacity
• Identify tools and strategies to integrate innovation into your work
• Understand why innovation is critical in today’s non-profit environment.
• DESIGN a Project for the Innovation Garage