This blog is the second post in a series of posts written by May Van, Executive Coach at Kelleher Associates, on the importance of fostering an innovative culture in today's business society.
As mentioned in my first blog post, How to Sustain an Innovative Culture, a few essential elements to consider when encouraging innovation in the workplace are: where to find innovation, how to fund innovation and how to nurture an innovative culture. It is important to acknowledge that innovation does not stop with products and services. Innovation can be found anywhere within an organization.
Once an enterprise enters its growth phase, it makes perfect sense to leverage industry standards in processes and procedures to reduce time, efforts and costs. However, as an organization continues to develop the next generation of products and services, it is also important to evaluate business processes, partnerships, channels and other aspects of the ecosystem for fit and optimization.
There are many examples of innovation beyond breakthrough products. The world’s most innovative company list published by Fast Company consistently features enterprises that innovated their business model, customer experience, partnerships, content and even their approach to social mission. Once a leader realizes that innovation could take place anywhere within an organization, there is no limit to how far and wide innovation could go.
Given the rapid pace of change due to digital innovations, the number and types of business risks that can impact enterprise strategy have increased exponentially over the past decade. Join us for our Q3 Roundtable Series as we explore different ways that CFO Alliance Members have been able to ensure innovation has an ROI.