Creating an Innovation Agenda
In the race to stay ahead of the digital curve, many companies lose sight of the basics.
Before you begin to innovate, it's important to create a C-suite agenda for production innovation. In order for your company to stay ahead of the competition, you need to start with a sound understanding of your own beliefs and how you want digital transformation to affect your company culture.
Communicating innovation beliefs
If you are a company leader or executive, it's important that you articulate these thoughts with stakeholders, as this will help them better understand how they fit into the bigger picture of your company's goals.
It will also ensure that they are on board with your vision for change and are willing to work with you in order to achieve that goal. This is particularly important for any company looking to move from traditional methods of production and distribution to digital methods because it allows them to identify risks, opportunities, competencies, and constraints that may arise from such a change.
Defining the product(s)
Once you have articulated the change that needs to happen and have shown those who will be affected by it that this is what you want for the future of your company, it is time to begin defining the digitally (re)invented product.
This includes every touchpoint in which your product or service touches the customer. It should cover both top-line and bottom-line aspects of what value needs to be created by these touchpoints.
It is also important during this process to identify the value that you will be creating for both customers and shareholders.
This will help you understand what impact this change could have on all ends of your business - an understanding that is vital before beginning any sort of reinventive process.
Once you've selected a direction for how your product or service will look after this change has been made and identified what needs to happen following this transformation - whether it's partnering with other companies or integrating technology into your product or service - it's time to commit senior management personnel at all levels of the organization to making these changes happen.
Allocating resources up front can help alleviate some of the uncertainty associated with new changes by ensuring that there are teams devoted specifically towards carrying out these tasks - freeing up other departments so they can focus on other aspects of production within their specific sphere of expertise.
The most important part about committing senior management personnel is making sure they're committed enough where they'll understand why implementing these changes are necessary for their company's survival in today's rapidly changing market. This means explaining how an innovative strategy can help them mitigate risk within their market while giving them a competitive edge.
Once they understand this, it becomes much easier for them to commit themselves fully towards carrying out these changes.
Once senior management personnel have committed themselves and ensured there are appropriate resources allocated, it's time for executing innovation, where data plays an essential role.
Using Commerce.AI, innovation becomes effortless. With Commerce.AI’s digital transformation, companies can use AI to re-invent their product launches, automate their market intelligence, improve their competitive benchmarking, and more, by tapping into billions of data points.