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How Do You Fund Innovation in a Time of Rapid Transformation?

MobileEnterpriseStrategies.com

Last month while in Sydney, Australia I participated in an interesting session taught by my colleague Ajoy Mallik on how to organize a continuous innovation program internally.  Our client had asked us to help them develop this program.  I learned a lot from Ajoy!

Fast forward to today and I am in Denmark experiencing late summer rain and working with a large CPG company sharing our latest research on Code Halos, enterprise mobility, SMAC strategies and digital transformation.  During the workshop one of the attendees asked the question, "How do you fund innovation?"  It was a great question!  That is a challenge for most companies. Companies need to fund a process of continuous innovation and someone needs to pay for it.

The first question might be, "Why must we fund innovation internally?  Why can't we just watch how someone else does it and replicate it?"  My answer is that your IT/business environment, brand, products and services, markets and people are likely to be unique enough that your internal people are in the best position to recognize where innovation is needed and how it could best benefit your company.  That requires motivation, collaboration and organization!

Your company's leadership needs to recognize the importance of continuous innovation in these times of rapid business transformation.

  • How are SMAC (social, mobile, analytics and cloud) developments and trends going to impact your markets, customers, partners, suppliers and your industry?  How are these developments going to change the future, and are your budgets aligned with those changes?
  • How is the process of digital transformation going to impact your products and services?
  • How are mobile technologies going to impact your brand, marketing, sales and business models?
  • How are social media channels changing your market and industry?
  • How can you deploy enterprise collaboration solutions to your advantage?
  • How can you become more agile as a business, when your ERP and technology vendors are constantly trying to lock you into their expensive and slow paced technology cycles?
  • What opportunities and risks are presented by the transformation from controlled PR, branding and messaging, to real-time social media feedback and swarming market behaviors?
  • What new risks are being presented to your business models and markets because of all these changes?
  • What changes need to happen within your ERPs and IT infrastructure to support a move to real-time information and updates?
  • How does your company's organizational chart need to change in order for managers to respond quicker to real-time problems and market opportunities?


All of these issues are here today.  Companies must be continuously addressing these changes and trying new ideas, innovations and processes.  This is at the least, self-preservation, and at the most an opportunity to capture market share and achieve competitive advantages.  The future, if a company is to have one, must be funded.

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Kevin Benedict, Head Analyst for Social, Mobile, Analytics and Cloud (SMAC) Cognizant

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Learn about mobile strategies at MobileEnterpriseStrategies.com Follow me on Twitter @krbenedict Join the Linkedin Group Strategic Enterprise Mobility ***Full Disclosure: These are my personal opinions. No company is silly enough to claim them. I am a mobility and SMAC analyst, consultant and writer. I work with and have worked with many of the companies mentioned in my articles.

More Stories By Kevin Benedict

Kevin Benedict is an opinionated futurist, Principal Analyst at the Center for Digital Intelligence™, C4DIGI.com, emerging technologies analyst, and digital transformation and business strategy consultant. In the past 8 years he has taught workshops for large enterprises and government agencies in 18 different countries, and is a keynote speaker at conferences worldwide. He spent nearly 5 years working as a Senior Analyst at Cognizant (CTSH), and 2 years serving in Cognizant's Center for the Future of Work where he wrote many reports, hundreds of articles, interviewed technology experts, and produced videos on the future of digital technologies and their impact on industries. He has written articles published in The Guardian, wrote the Forward to SAP Press' book titled "Mobilizing Your Enterprise with SAP", published over 3,000 articles and was featured as thought leader and digital strategist in the Department of Defense's IQT intelligence journal. Kevin lectures and leads workshops, teaches and consults with companies and government agencies around the world to help develop digital transformation and business strategies. Visit his website at C4DIGI.com.