6 Core Ideas about Innovation

The future can be unpredictable, particularly where business processes and disruptive technologies collide. In a recent series of 30 interviews with CIOs and chief innovation officers from such enterprises as Dell, SAP and AT&T, all respondents said they felt they are facing “once-in-a-lifetime change” and that “the changes would continue at pace.”

A new paper, titled The Fluid Core: How Technology Is Creating A New Hierarchy of Need and How Smart Companies Are Responding, aims to explain both the nature of these changes and how leading enterprises are responding to them.

Forbes recently laid out the six core findings from these interviews with transformational leaders:

1. The Fluid Core – Smart companies are now looking beyond the rigid “core competency,” instead defining a fluid core that allows them to pursue new markets and opportunities.
2. A new service infrastructure – This is where cloud and mobile are a new enabling infrastructure, enabling rapid new service development and accelerating a number of new innovation paradigm shifts.
3. Radical adjacency – Defined as the pursuit of new products and new markets, “radical adjacency” occurs when adventurous companies step outside their core competency or core markets to innovate or grow in adjacent markets.
4. Personal innovation drivers – Human innovation drivers tend to be left out when we think of what actually drives innovation, but individuals’ desire to do things differently can make an impact today, disrupting systems and organizational expectations.
5. Externalization – A global and transformative labor ecosystem has emerged, and it requires companies to strategize around where and how to secure skills and creativity, and for how long. In this new environment, companies outsource functions that are central to their identity and success.
6. Strategic options portfolios – Based on research published in The Elastic Enterprise, which the Forbes writer co-authored, this is the idea that companies must plan a wide range of innovative initiatives knowing that a chunk of them won’t be enacted.

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