Innovation – Hitting the Bull’s Eye
Blog Posts:Mu Sigma
Published On: 15 July 2013
If change is the only constant, then innovation is the way to sustain edge and transform positioning. So how does innovation happen in organizations?
There have been many theories and frameworks proposed on making innovation sustainable and structured from ideation to execution. However, in a world of extreme speed, innovation is seen to be directly proportional to chance. For enterprises to get better at innovation, you need to get lucky more often. As an analogy, we are all monkeys throwing darts at moving dart boards.
There are two ways we can hit the bull’s eye more often: You can get better at throwing darts, or lower the cost of throwing them. Considering the volatility of the business landscape, getting better at throwing darts from the very start could prove to be far more implausible than getting the cost of throwing darts cheaper. Throwing more darts could improve your chances of hitting the bull’s eye faster. If we were to compare throwing darts to experimentations in organizations, reducing the cost of continuous experimentation can drastically increase the chances of hitting the bull’s eye more often.
Innovating successfully requires the ability to experiment continuously. Data-driven experiments that integrate the business, math, technology and behavioral perspectives can be an invaluable source for new ideas. Companies and organizations that figure out how to reduce the cost of experimentation will be far more innovative than companies that make it expensive to experiment.
Does your organization nurture a culture of continuous experimentations? Share with us some of the innovations that have been brought about as a result of this culture.