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Bringing Innovation into Corporate Culture

If you want to bring innovation into the company, you must first change the corporate culture. Organizations must encourage new ideas and the discussion forum should invite employees irrespective of corporate hierarchies. In this article at ZDNet, Mark Samuels talks to four innovation experts about bringing innovation into the corporate culture.

Corporate Culture that Drives Innovation

If your company wants digital transformation, it should create a corporate culture that is ready to take up challenges. Samuels has listed the best practices advised by the experts:

  1. Make Innovation a Policy: Professor Feng Li, head of technology and innovation management at Cass Business School, says that digitization excites all. Ideas are floating everywhere. However, the majority of these ideas are not good enough to be executed alone. So, IT leaders must build a policy or culture to take these ideas and integrate them into an absolute product.
  2. Set Up a Mentorship: Kevin O’Connor, managing director and head at IHS Markit, says that innovation is thought of as a result. However, it should rather be treated as a skill that you need to develop over time. Innovators should be connected to experienced professionals for guidance, compliance, and supervision. This will create ‘mini Silicon Valley effect’ within the corporate culture where people would share ideas and grow together.
  3. Appreciate and Reward Innovation: Gideon Kay, CIO at Dentsu Aegis, opines that employees that come up with brilliant ideas must be awarded to create an innovative corporate culture. This will introduce a healthy environment for innovative competition. Employees will get to know that they can get some tangible benefits from being creative. Create a corporate culture where creators need to know how to make it credible enough to be sold globally. Sometimes, the projects will fail and you must then learn the lessons and incorporate them into later projects.
  4. Create Connections Between Innovation and Business: CIOs must not take the sole ownership of innovation. It should be a combined effort. Kevin Hanley, head of innovation at Royal Bank of Scotland (RBS), narrates how 75 percent of the bank’s 40 innovation projects started from a corporate conversation. He insists that you must convince the leaders how a certain idea can transform the existing business structure and strategy. Make changes brought upon by innovation as the new normal in your corporate culture. Connect that to the business core in a way that you can innovate without hurting the economy. Since customers are in the habit of getting instant reactions, you must build up that momentum in the corporate culture.

To view the original article in full, visit the following link: https://www.zdnet.com/article/digital-disruption-how-to-create-a-culture-of-innovation-in-your-organisation/

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