We hear so much about innovation that in some respects the term has lost any real meaning. It's important to step back and see what the current state of technology is and how it's changed over a very short time. Just looking back to the beginning of the 21st century it's easy to see that those technology advances we take for granted today were at best, items on our wish lists. Taking advantage of these technologies requires (once again) new thinking and different approaches that can look ahead.
I asked Michael A. M. Davies, Chairman of Endeavour Partners, for his ideas on how companies can drive innovation.
"Leaders in businesses and organizations throughout the economy now face a perfect storm of creative destruction, unleashed by the fusion of five key technologies: smartphones and tablets; widespread wireless broadband; cloud computing; machine learning/automation of knowledge work; and small-scale smarts, the "Internet of Things." Technology, market demand and consumer behavior are changing the way in which businesses are going about innovation.
"Perhaps most importantly, this transition has unleashed a highly disruptive shift in the way work gets done, and how organizations operate and innovate. The static, vertical organization is dead. Innovative organizations will encourage employees to expect uncertainty, think creatively, be agile, and abandon activity patterns that are no longer viable in the face of rapid disruptive change. Earlier revolutions transformed agriculture and manufacturing; this will transform many sectors of the economy, and services in particular, with profound social and political implications.
"As one of our clients put it: "...every business is now a technology business." Innovation requires that companies embrace change and cooperate with competitors. The advantages of scale and scope are being eroded. Established industries can now be disrupted by agile, innovative insurgents. The future lies in building relationships rather than increasing transactions."
Scott Koegler practiced IT as a CIO for 15 years. He also has more than 20 years experience as a technology journalist covering topics ranging from software and services through business strategy.