Chapter 1
To ignite a debate about what impedes our businesses from achieving their full innovation potential, we conducted a live poll. Considering the limited segment size, the objective wasn't solely to reach a conclusion but rather to discuss ways in which we can establish a more meaningful process that would drive innovation across all our businesses.
Observing the situation, our IT leaders presented a wide array of responses. The main concerns that emerged were Legacy IT and the Availability of skilled resources. Following this, various scenarios were introduced, unveiling the difficulties of fostering innovation, let alone putting it into action.
We agreed that, irrespective of the matter at hand, whether it concerned a minor gain initiative or a major transformation project, the commonly proposed solution was often, "Let's commence a proof of concept."
We agreed that this approach can frequently prompt the asking of incorrect questions. We'd initially focus on the primary three subjects: Value, Feasibility, and Viability.
Value
What value are we going to prove through this POC?
Feasibility
Can we do this?
How are we going to make this work?
Will it work for our business?
Outcome: Often leading to showcase Proof of Concepts where Point 3 is forgotten.
Viability
Is it viable with the business budget we have to actually do this? What will have to change for us to make this viable? What barriers are in play before we build? What are the risks?
Essentially, take your time to create a process that looks something like this: Understand the problems you aim to solve and the obstacles involved before you start. Involve all key departments from the beginning and you'll conserve time, budget, and energy.
Do
Understand Value: Define the value you aim to prove through the Proof of Concept (POC). What specific value are you validating or demonstrating?
Evaluate Feasibility: Assess the feasibility by asking questions like "Can we do this?" and "Will it work for our business?" Don’t overlook the practical implementation and the alignment with your business needs.
Assess Viability: Consider the viability within the business budget and potential barriers. Identify necessary changes and assess risks before proceeding with the project.
Take Time to Understand Problems: Prioritise understanding the core problems you aim to solve and the potential obstacles before initiating any development.
Involve Key Departments: Engage all essential departments right from the start to save time, budget, and energy.
Don't
Jump to Solutions without Value Validation: Avoid rushing into Proof of Concepts without clearly defining the value or outcome being proven.
Neglect Feasibility Concerns: Don't overlook questions of feasibility or how the POC aligns with the business's practical aspects and requirements.
Overlook Viability and Risks: Don't ignore the financial viability or potential barriers and risks associated with the project.
Neglect Problem Understanding: Avoid starting a project without a comprehensive understanding of the problems to be solved and potential hurdles.
Exclude Key Departments: Don’t sideline crucial departments from the initial stages, as their involvement is vital for success and resource conservation.
Conclusion
Collaboration in business is fundamental when aiming for creative innovation. First, comprehend the central issue you intend to address. Then, methodically navigate the process, identifying both the threats and opportunities before commencing any development.
Some questions to think about...
Which processes does your business utilise when seeking innovation?
Are there particular books you've found most beneficial when studying innovation?
What are the primary challenges you encounter when trying to foster internal innovation?
We’d love to hear your answers.
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