Innovation can be difficult to define; with some leaders focusing on disruption, others on efficiency and some defining the term as a culture of new ideas holistically. Regardless of the definition, innovation is only increasing in business with Statistics Canada reporting the largest gains in medium-sized enterprises, who increased 23%* in terms of innovation rate compared to the last survey. As innovation is here to stay, defining what it means for your leadership and team is critical to produce top organizational outcomes.
*Innovation was defined as enterprises that introduced (or implemented) a new or significantly improved product (good or service), or process, or a new marketing method, or a new organizational method in business practices, workplace organization or external relations.
With the risk of a global recession in 2020, driving innovation can propel the most forward-thinking organizations to the top. However, the Innovation Paradox, as defined by author Mike Maddock, limits organizations as “the more companies try to innovate, the worst they get at it.” In this article, Maddock explores 4 different levels of innovation that your organization can utilize in trying times.
Organizational agility is emerging as more than a buzzword; With 46%* of organizations reporting an agile or hybrid (agile/predictive) approach to projects in the last year, rapid adaptation to business challenges are becoming the norm. However, companies are still looking at innovative measures to master agility and the answer may be in strategic partnerships to provide flexibility.
*Statistics were gathered from the Pulse of The Profession 2018 Study by the Project Management Institute.
What does it mean to be innovative? With numerous definitions circulating, pinpointing what innovation means and how it is implemented within your organization can ensure it is top-of-mind. Read how various industry-leading organizations have defined innovation.
Taking time to reflect and think about your business can spark innovation. The Vistage Research Center recently connected with TEC Canada and Vistage speaker Gair Maxwell on why reflective thinking is important and how to go about it.
By fostering a culture that encourages open communication, strategic collaboration and a mindset for the future, innovation can be strongly woven into an organization’s culture. However, as more organizations adapt to changing landscapes, internal innovation may not cut it. Andreea Vanacker, a TEC Canada speaker addresses how looking outward may help strengthen innovation as a key mindset in a company.