Nearly every company’s strategy these days is to grow through innovation, yet many fall short. We all know the standard reasons: innovation is hard, innovation is uncertain or innovation grinds against the gears of the operating organization. They are all more or less true, but they are also simplistic, not really guiding executives on how to actually get more innovation.
Innovation is one of the hottest topics in business these days. More and more, companies are coming out with new products and services designed to amaze their customers and get them to dig deeper into their pocketbooks. Only problem is, most of what passes for innovation these days doesn’t stand out as very new, different or compelling. As a result, most innovation efforts are lucky to pay for themselves, much less actually turn a profit.
There has been a shift from the emphasis on what people called the “information value chain” to “knowledge value chain” for quite some time. The environments are shrewd and unpredictable in this world of growing competition and rapid technological progress. The information value chain just served as a database of “best practices” whereas “knowledge value chain” emphasizes on the active sense making of human beings handling business.