3 Innovation Secrets That Make Great Ideas Happen
Author: Daphne Gottschalk, Amdocs Innovation
Innovation has become a business imperative. In fact, it is a core driver of growth, performance, and valuation. But in reality, it’s not easy to drive innovation in big organizations and most innovation leaders face both internal and external challenges which impact their ability to succeed.
In the past few years Amdocs has invested a great deal in defining a strategic approach towards innovation which includes addressing challenges around executing innovation in parallel with legacy businesses, models of open innovation with an ecosystem of start-ups, joint innovation centers with leading service providers, as well as driving a culture of innovation within an organization.
It’s all about looking ahead at what’s happening in the market and exploring new technologies and trends. We typically come up with ideas factoring in a variety of inputs, including market trends, industry analyst inputs, findings from our deployment projects, and competitor trends.
But most importantly, we talk to our customers and understand their business and IT challenges and pain points. Then, we find innovative ways to address these challenges.
What exactly is required to develop innovative offerings in an organizational environment? I’d like to let you in on a few of our innovation secrets.
- When dealing with disruptive innovation trends, an ecosystem is not just a “nice to have” but it’s a must. Working with a variety of partners is part of doing business in this space and so is getting it right in terms of how to work with the ecosystem in a manner that will be beneficial for all parties. Ensuring an organizational culture which is supportive all around is vital and so is partnering with customers for joint innovation engagements that accelerate time to value. We further embrace cooperation with an open innovation approach with an ecosystem of innovative partners and leading Academia institutes to complement our core.
- In some of the new trends and disruptive innovations, the market is still experimenting, so bringing young start-ups on board is a great way to experiment and it often yields phenomenal results. We incubate our new offerings and growth engines in a “start-up” like unit.
- It’s vital to manage the relationship between customers and partners. Strategic partnerships should be matched as closely as possible to the customer’s business needs.In our core offering and adjacencies, we assure that our roadmap is ahead of the market’s needs and we onboard new companies in adjacent domains.
Lots of organizations are great in ideating and harnessing great innovation ideas but most fail in executing them and getting them commercialized. Most of the time the focus is wrong, the cooperation is weak, the stakeholders are not fully onboard and there is not enough experimentation. So innovations with great potential fall flat before they even get off the ground.
Phil McKinney (CEO of CableLabs) once said, “Innovation is not the result of change, it’s the result of action. It’s not a thing to wait for. It’s a thing to do.”
Let’s do it!