Tag Archives: risk mitigation

Why is it important to innovate in 2023?

Why is it important to innovate in 2023?

GUEST POST from Janet Sernack

At ImagineNation™ we have just celebrated 10 years as a global innovation consultancy, learning, and coaching company. During this time, we’ve identified some of the common patterns that people demonstrate as a result of feeling uncomfortable, frozen, inert, stubborn, and confused and as a result, are resistant to innovation. Where many organizations, teams, and leaders appear to walk backward as if they are sleepwalking through this time in their lives.

At the same time, we know that innovation is transformational, and why, at this moment in time, it is more important than ever to create, invent and innovate. We also know that is crucial to be better balanced, resilient, and adaptive to grow and flow, survive and thrive, in today’s chaotic BANI environment. We also know exactly what transformative innovation involves, and how to enable and equip people to connect and collaborate in new ways to effect constructive and sustainable change in a world of unknowns.

Innovation is, in fact, the water of life!

Shaping the next normal

According to a recent article by McKinsey and Co “The future is not what it used to be: Thoughts on the shape of the next normal” the coronavirus crisis is a “world-changing event” which is forcing both the pace and scale of workplace innovation.

Stating that businesses are forced to do more with less and that many are finding better, simpler, less expensive, and faster ways to operate.  Describing how innovative health systems, through necessity, constraints, and adversity have exploited this moment in time, to innovate:

“The urgency of addressing COVID-19 has also led to innovations in biotech, vaccine development, and the regulatory regimes that govern drug development so that treatments can be approved and tried faster. In many countries, health systems have been hard to reform; this crisis has made the difficulty much easier to achieve. The result should be a more resilient, responsive, and effective health system”.

We all know that it is impossible to know what will happen in the future and yet, that it is possible to consider and learn from the lessons of the past, both distant and recent.  On that basis, it’s crucial to take time out, be hopeful, and positive, and think optimistically about the future. To be proactive and innovate to shape the kind of future we all wish to have, through making constructive and sustainable changes, that ultimately contribute to the common good.

Strategically deciding to innovate

Strategically deciding to innovate, is the first, mandatory, powerful, and impactful lever organizations, teams, leaders, and individuals can pull to effect constructive and sustainable change that enables people to execute and deliver real benefits:

  • Deal with, and find solutions to a world full of complex and competing social, civic, and political problems that are hard to solve and aren’t going away.
  • Better adapt, respond to, and be agile in fast-changing circumstances, uncertainty, instability, and to random and unexpected Black Swan events, like the global Covid-19 Pandemic and the Russian-Ukraine war.
  • Become human-centric to help people recover and manage their transition through the challenges of the global pandemic and enable them to exploit the range of accelerating technological advances in the digital age.
  • Develop corporate responsibility, sustainability, diversity, and inclusion strategies that are practical and can work and really deliver on their promises.
  • Compete by applying and experimenting with lean and agile start-up methodologies and take advantage of the opportunities and possibilities of the global entrepreneurship movement’s new models for leadership, collaboration, and experimentation.
  • Align to the range of changing workplace dynamics and trends, resulting from the pandemic, including WFH, the “soft resignation” and the demands of a hybrid workplace.
  • Shift individual, group, and collective consciousness towards collaboration and experimentation in ways that rebuild the trust that has been lost through incompetence, corruption, greed, and dishonesty.
  • Respond creatively to meet the increasingly diverse range of customer expectations and choices being made around value.

Important to innovate – three elements

To take advantage of living in a globalized world, where we are interconnected through technologies and values and where we have an interrelated structure of reality, we can:

  • Accept that innovation-led adaptation and growth are absolutely critical and develop targets and a willingness to invest in new scalable business models, achieve fast and effective developments, and launch processes to reflect these.
  • Invest in a coherent, time-risk balanced portfolio of initiatives and provide the resources to deliver them, at scale, strategically, to innovate to the right market, at the right price, at the right time, and through the most effective channels.
  • Adopt an ecosystem approach to adapt and grow by creating and capitalizing on both internal and external networks, and stakeholder management through developing workforce ecosystems – a structure that consists of interdependent actors, from within the organization and beyond, working to pursue both individual and collective goals.

Problem-solving, cultural change, and improving people’s lives

It is more important than ever to make innovation transformational, so that it delivers constructive, ethical, and sustainable change, by building on three critical successful abilities:

  1. Seeing and sensing the real systemic problem or breakthrough opportunity:
  • What problem are we solving? And is there a customer who wants to pay to have that problem solved?
  • What problem are we solving for the customer? Who needs this?
  • What are the possibilities and opportunities available to us? And is there a customer who wants to pay to have this opportunity realized?
  • What are some of our strengths? What are some of the things we are doing well that we can build upon or exploit?
  1. Shifting the culture:
  • Where are we today? Where do we want to be in the future?
  • What are our prevailing mindsets? How can we measure and contextualize their impact? What mindsets might we embrace to adapt and grow in an uncertain world?
  • How ready and receptive are we to really embrace change?
  • What do we need to unlearn and relearn to ensure our people are open-minded, hearted, and willed to embody and enact the desired change?
  • How engaged and passionate are our people in problem-solving?
  • How might we harness our people’s collective intelligence to solve problems and realize opportunities?
  1. Aligning technologies, processes, artifacts, and behaviors as a holistic system:
  • What is our appetite for risk? How do we define risk in our context?
  • What type of innovation do we strategically want to plan for and engage in?
  • What old legacy technologies no longer serve your needs? What new technologies might you be willing to invest in for the future?
  • What disciplines are in place to ensure that people have a common understanding of the key processes and comply with managing them?
  • How are we ensuring that everyone is motivated and skilled to innovate?
  • How are we ensuring that people are acknowledged, rewarded, and organized to repeatedly innovate?
  • What are the key mindsets and behaviours that enable and equip people to embody and embrace repeatedly innovate and design solutions with the end customer in mind?

Become an adaptive and resilient difference maker

As many of us are aware, Toys R Us and Blockbuster were huge companies, that enjoyed massive success; however, this was all brought to an end due to their failure to innovate.

We can all avoid this fate by choosing to innovate and create constructive and sustainable change through:

  • Accepting and acknowledging that to survive and thrive in a BANI world, where necessity is still the mother of all invention, and the urgency to do this is more important than ever.
  • Identifying, understanding, and dealing with our own resistance to innovation, safely and proactively, and transforming resistance into resilience, to be adaptive and safely innovate.
  • Understanding where we are today and then assessing the gap to what we want to be in the future, and mitigating the risks of both closing the gap and leaving the gap wide open.
  • Enabling leaders, teams, and individuals to connect, explore, discover and navigate new ways of approaching and delivering commercially viable, value-adding, constructive and sustainable change, and outcomes.
  • Leveraging innovation to transform an organization, a business, the way people lead and team, to improve the quality of people’s lives in ways they appreciate and cherish.

“In order to transcend mere adequacy and make a mark of creative transcendence on the world, organizations need to stop walking backward, following a trail that has already been blazed. The motto of the British Special Air Service is, “Who dares, wins.” It is time for businesses to be bold, inspired, and look to the horizon. The next great innovation is out there. Will you have the guts to create it?”

Will you make a fundamental choice to innovate?

According to McKinsey and Co “The point is that where the world lands is a matter of choice – of countless decisions to be made by individuals, companies, governments, and institutions”.

Will you make a fundamental choice to use the current crisis to lead to a burst of innovation, productivity, resilience, and exploration in 2023, to take advantage of our connected world to create the constructive and sustainable changes we all want to have?

Or will you continue walking backward and sleepwalking through life, and fail to take advantage of this moment in time, to innovate, and continue life with the same thinking that is causing the current range of results, that many of us don’t want to have?

Find out more about our work at ImagineNation™

Find out about our collective, learning products and tools, including The Coach for Innovators, Leaders, and Teams Certified Program, presented by Janet Sernack, is a collaborative, intimate, and deeply personalized innovation coaching and learning program, supported by a global group of peers over 9-weeks, starting Tuesday, February 7, 2023.

It is a blended and transformational change and learning program that will give you a deep understanding of the language, principles, and applications of an ecosystem focus, human-centric approach, and emergent structure (Theory U) to innovation, and upskill people and teams and develop their future fitness, within your unique innovation context. Find out more about our products and tools

Image Credit: Unsplash

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Mitigating risks and overcoming challenges during a digital transformation

Mitigating risks and overcoming challenges during a digital transformation

GUEST POST from Chateau G Pato

As organizations continue to undergo digital transformations, they are faced with a myriad of risks and challenges that can potentially hinder the successful implementation of new technologies. From legacy systems that are resistant to change to cybersecurity threats that put sensitive data at risk, businesses must navigate through these obstacles to achieve their goals. In this thought leadership article, we will explore how organizations can mitigate risks and overcome challenges during a digital transformation by examining two case studies.

Case Study 1: Company A

Company A, a manufacturing firm with a history of using traditional paper-based processes, decided to digitize their operations to increase efficiency and streamline production. However, during the implementation of a new enterprise resource planning (ERP) system, they encountered several challenges that threatened the success of their digital transformation.

One of the primary risks faced by Company A was the resistance from employees who were accustomed to their manual processes. To mitigate this risk, the organization implemented a comprehensive change management strategy that included training sessions, workshops, and continuous support for staff members. By engaging with employees and addressing their concerns, Company A was able to successfully transition to the new digital system with minimal disruptions.

Another challenge faced by Company A was the potential vulnerability to cyber threats as they moved sensitive data to a cloud-based ERP system. To address this risk, the organization invested in robust cybersecurity measures, including encryption, multi-factor authentication, and regular security audits. By prioritizing data security and implementing best practices, Company A was able to safeguard their information assets and mitigate the risk of breaches during their digital transformation.

Case Study 2: Company B

Company B, a retail organization looking to enhance their customer experience through digital channels, embarked on a digital transformation journey that included the implementation of an omnichannel marketing strategy. However, their efforts were hampered by the challenge of integrating disparate systems and data sources to create a seamless shopping experience for customers.

To overcome this challenge, Company B adopted an integration platform that allowed them to connect their CRM, e-commerce platform, inventory management system, and other applications in real-time. This streamlined data flow enabled the organization to gain a comprehensive view of their customers and deliver personalized marketing campaigns across all channels. By investing in a robust integration solution, Company B was able to overcome the challenge of siloed data and create a unified customer experience during their digital transformation.

Conclusion

Mitigating risks and overcoming challenges during a digital transformation requires proactive planning, stakeholder engagement, and investment in the right technologies. By learning from the experiences of companies like Company A and Company B, organizations can navigate through obstacles and achieve successful outcomes in their digital journey. Embracing change, prioritizing data security, and investing in integration solutions are crucial steps towards ensuring a smooth transition to a digital future.

Bottom line: Futurology is not fortune telling. Futurists use a scientific approach to create their deliverables, but a methodology and tools like those in FutureHacking™ can empower anyone to engage in futurology themselves.

Image credit: Unsplash

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What is the Cost of a Failed Change Initiative or Innovation Project?

What is the Cost of a Failed Change Initiative or Innovation Project?

It seems like a simple question.

One that you would expect to lead to some risk mitigation behavior, but it doesn’t.

And when you consider that companies are spending an increasing amount of their budget on technology and working to transform their operations to be more digital in order to provide a better experience for customers, employees, partners and suppliers while simultaneously creating a more efficient and effective business, you would think that companies would do everything possible to make sure that these projects succeed, but they don’t.

Everyone knows that a lot of technology projects fail to achieve their intended objectives, timings, and budgets. This fact and the increasing investment levels should cause more executives to look for ways to de-risk these technology investments in digitizing the business, but they’re not.

Why is that?

Are we really so afraid of learning new ways of doing things that would dramatically reduce the risk and expense of project failures that we will continue using the old ways even though we know they don’t work?

Even though there are incredibly inexpensive and easy ways of reducing both the risk of project failures and the cost of project execution, patterns of behavior are not changing…

Perhaps you see the world differently.

Perhaps you’re fed up with project failures and want to increase the speed of both change execution and change adoption.

Consider answering these five simple questions before spending a single minute on your next innovation project, change initiative, or digital transformation effort:

  1. How much is an hour of your time worth to the company you work for? (multiply this by the number of hours you expect to invest in this project or initiative)
  2. What is the fully-loaded monetary value of the time that employees are going to spend on this project or initiative?
  3. How much do you pay to a single contract project manager to spin up a project before the first minute of actual work begins? Over the life of the project?
  4. How much are you planning to spend with consulting companies on this project or initiative?
  5. How much are you planning to spend on contractors to staff this project or initiative?

Get access to the Change Planning Toolkit for less than $100Have you got the numbers in your mind?

Now, are any of these numbers $100 or more?

I’m sure they are, unless of course you’re going to do the project yourself in less than an hour and don’t value your time very much.

So, what if I told you that for less than $100 you could plan and execute your change initiatives, innovation projects and transformation investments in a much more visual and collaborative way and simultaneously reduce the chances of project failure and the cost of executing your project?

Well, you can. You just have to be willing to challenge orthodoxies and use a new set of tools, a new approach, that will feel very natural and empowering if you’re already comfortable with the Business Model Canvas, Lean, Design Thinking, or the Lean Startup.

All you need to get started is a copy of my latest book Charting Change and a $99.99/yr license for the Change Planning Toolkit™ (which comes with a QuickStart Guide). In exchange you’ll get tools worth more than $1,200 and will help to support the creation of the Human-Centered Innovation Toolkit™.

It’s as simple as that.

And to get you started if you’re still unsure, go ahead and grab the 10 Free Downloads and the poster-size Visual Project Charter™ and the poster-size Experiment Canvas™ from the under-construction Human-Centered Innovation Toolkit™.

Let’s change change and keep innovating – together!


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