Innovating in the New Normal
Blog: NASSCOM Official Blog
If history is any guide, it’s the organizations that adapt well, reinvent their business models and demonstrate game-changing decision making in disruptive scenarios outperform those which are unable to do so. These organizations are driven by innovation and continue to lead even as the crisis unfolds and leads us to a new normal. A wakeup call to many, to become instantly digital for their employees and customers.
Take Airbnb for instance. The global crisis might have brought travel industry to a halt, but that didn’t stop Airbnb to pivot and keep many of its members earning during lockdown. It launched ‘Airbnb Experiences’ allowing locals to host engaging small-group activities like virtual tours and online classes to do together while staying miles apart. It also partnered with homeowners to provide stays for front-line responders. This is a perfect example of seamlessly bringing together strategic partnerships and digital capabilities.
So, how can organizations respond to this change, successfully translate their ideas into action and stay ahead of the curve in an uncertain world? These four significant areas’ might be the key to it.
Leadership Development for the Digital World
For organizations to be future ready, they require leaders at all levels and functions to be competent and enabled with critical digital competencies to embrace the challenges and opportunities that lie ahead. Leaders also need to be adept with critical thinking, leadership, collaboration, and other ‘power-skills’ to lead their organization in today’s business landscape that evolves with each passing day.
But, even though 90 percent of companies invest in leadership training, only two out of five companies are developing leaders in a way that benefits the business. This is due to the fact that training lacks the required focus on modern leadership competencies and digital age mindsets. What’s needed is the right type of leadership training focused on essential modern competencies, informed by a scientific understanding of how people learn, and delivered on a platform optimally designed for modern learners. Its only when organizations develop the strongest digital leadership capabilities can they outperform those with the weakest capabilities.
Identify and Develop Core Skills
To support the vision to innovate and to fully leverage the digital technologies, organizations need to tap into their talent pools’ existing skillsets and have plan to further develop their capabilities. According to The World Economic Forum, the 10 top skills required in 2020 include complex problem solving, critical thinking, creativity, people management, coordinating with others, emotional intelligence, judgment and decision making, service orientation, negotiation and cognitive flexibility.
The best way for organizations to go about equipping its workforce with these skills is by providing continual learning via an evergreen source of relevant, digital learning assets, all curated to meet the business needs of today’s digital organizations. This will not only ensure their talent pool is versatile but also well-poised to adapt with a sound understanding and use of new age technologies that support innovation.
Accelerate Digital Transformation
Every industry and every business is experiencing digital transformation. At its core, it needs a complete redo of business processes, product cycles, service delivery etc. but the result is an accelerated innovation and agile culture across organization. Companies that embrace it at the core have seen 16 percent increase in revenues, generated 26 percent more profits and have experienced 12 percent growth in valuation.
Organizations need to implement workforce transformation goals to help understand their workforce the wide range of ways that digital technologies can be leveraged internally to enhance communication and collaboration, increase innovation, streamline operations and improve the performance of both individuals and groups.
Invest in Continuous Innovation
Cultivating continuous innovation is a challenge many organizations face. It’s only wishful to see things significantly change overnight or expect teams to continuously churn out new and improved customer offerings. According to a survey by Accenture, in the U.S. 63 percent of companies have hired chief innovation officers and over 90 percent of businesses are using new technologies to help them implement the innovation process. While in India, companies have begun looking to hire chief innovation officers for the first time.
To re-write business growth story, innovation is more than necessary to survive and succeed. Its only when you combine internal sources of innovation with external ones, can you truly make it work for your business. Organizations that want to stay relevant need to quickly accelerate towards this or be left behind with archaic processes and products.
The unprecedented times we are living in today can be viewed as a catalyst for change, helping you establish a strong foundation which fuels innovation and surpasses customer expectations. To be able to digitally transform into an organization that is future-ready you will need in-depth commitment and involvement of your entire workforce, from front-line specialists, to management and leadership.
ABOUT THE AUTHOR
Mark Onisk, Chief Content Officer, Skillsoft
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