Digital technology gives companies a vast array of possible opportunities and innovations: the trick is to figure out which options can be monetized — urgently. Dialing in the voice of the customer into the process early is imperative.
Teams that mix generations, experiences and skills innovate better than traditional groups of veterans. Maintaining focus, constraining time, and under-resourcing them seem to yield the best results.
Innovation to protect and grow the core is at least as important as new gee-whiz products. Incorporating digital technology into traditional businesses is necessary for survival but not differentiated; applying digital across business lines to create and control new ecosystems holds the promise of both growth and protection.Digital blurs organizational lines among IT, R&D, and business units. New and flexible definitions of roles and responsibilities are required to stay current, agile, and responsive, as are clear and consistent communications between the groups.
Corporate cultures still stand in the way of digital innovation. Siloed business units, product/service distinctions, organizational structures and even the language of R&D and IT need to be re-defined to enable high-speed and successful innovation.