How does the fourth industrial revolution, blurring the real and technological worlds, affect companies and the way they do business? How do companies manage their corporate culture to increase employee engagement? What tools and methods are used to keep employees motivated and engaged?
The business world has been changing fast, even dramatically. In the not-so-distant past, loyalty was key to both employers and the workforce, with job security becoming a main goal. If you had the opportunity to work in a corporate company, and if you worked hard, you would have found yourself a job for life. The concepts of ‘loyalty’, ‘job security’ or ‘job for life’ just seem too detached from reality for companies and employees nowadays.
The Millennium generation – those born between the early 1980s and early 1990s – is conquering the workplace, slowly taking the place of Generation X, the baby boomers, born between the early 1960s and late 1970s. With the Millennium generation, a new set of values has arrived.
The rhythms and paradigm of life itself have changed. In our increasingly complex world, life, work, production and politics have become independent of time and space. Industries are being disrupted, start-ups are eating away business models and the average company these days lasts about a third of the lifespan of 50 years ago. The hierarchical structures defined in the industrial society are being replaced by active network systems and evolutive organisational models. The experience economy is spreading rapidly. We are not trying to solve the chaos anymore; we are only struggling to manage it.
Consequently, there is plenty of thinking and advice out there about different methods and approaches to sustain companies’ lifespans, drive sustainability and increase employee engagement. The real dilemma of large companies seeking to survive and adapt to rapidly changing market conditions is that they need more employees with creative and innovative ideas, but these profiles seem to be less inclined to work at large companies than in the past.
We will discuss why that is next.
Millennials and innovation in the workplace
Generation Z and innovation in the workplace
How innovation can help you conquer the new generations
How to create a culture of collaborative innovation in younger generations
Why is innovation management a powerful tool to engage Generations Y and Z
Six best innovation practices to engage Millennials and Gen Zers
Aylin Olsun, managing partner of ASO Company
Diana Neves de Carvalho, Exago’s CEO
Once you’ve understood the four quadrants of the innovation model – steady growth, productivity gain, industry leadership, game change -, you’ll need a plan to conquer your own Daily Innovation Zone. This means also learning how to create game changing innovation with minimum cost and risk.
To do it, consider the green zone at the bottom of the model. This is the daily innovation zone and spreads across from process to product innovation but in a narrow band on the boundary of incremental change.
The theory is that a company that trains itself to constantly innovate in this zone – small changes and improvements on a daily basis – will most certainly position itself to deliver that big radical, game changing product or industry leading process in the long run. These baby steps would help the company start small, take lower risks, and make innovation a part of its DNA.
Daily innovation is more about building a culture of innovation. It is not about creating an “innovation committee” or “working group.” It is about motivating everyone in the organization to think like an innovator, celebrating daily improvements in the life of the organization. A zone where saving a sheet of paper is treated on par with reducing the cost of production, or adding a new feature to a product.
From janitor to CEO, everyone is involved in the process. Self-driven, motivated and eager to make a change – with a sense of pride at the changes they bring and a reward that may be as little as a pat on the back.
Creativity, creative leadership and the value of innovation management
FROM THE START:
“Innovation is not for us”, they say
By Rumman Ahmad. An MSc in Creativity and Change Leadership from Buffalo State University, Rumman trains, teaches and facilitates groups of people to learn and apply the creative process to solve problems, energizing and motivating them to do their best. He is also the organizer of an annual conference on innovation in Pakistan. An Exago partner since 2016 in this key geography, Rumman has developed a Model for Daily Innovation which can be complemented by Exago’s innovation management software.
We all sometimes feel the need or a resolve to explore and create new paths. At Exago, we’ll be celebrating our 1oth anniversary this year and understand it is the time for such evolution, so that we are fit to evolve with your business in the years ahead. As a result, we bring you:
• A new mission statement: we embrace the mission of making innovation come together, both by engaging everyone to collaborate and share the innovation challenge, and by delivering a powerful platform designed to find, improve and bring to life ideas with high potential for value creation.
• A new image: with our innovation management software fully conquering our core business, Exago is now the software, the people and the company. This fresh positioning has inspired a new brand and website, to introduce the best of us.
• A new product offer: after listening to our clients and market needs, we now deliver three software editions:
- EXAGO SMART gives you advanced innovation performance. Based on our US-patented prediction markets algorithm, this platform efficiently gathers your company’s collective intelligence for smarter decision-making;
- EXAGO OPEN will take your innovation programme beyond corporate walls, effectively engaging external stakeholders;
- Arriving soon is EXAGO START, a swift innovation software for those taking the first steps into building an idea management programme.
Regardless of how much changes, our goal to help all our clients succeed in their innovation programme remains the same, and just got stronger.
For the third consecutive year, the world’s leading information technology research and advisory company references Exago as one of the software providers with traction and visibility in the idea management industry. Exago reaches 100% depth of functionality in idea collection, refinement and review, idea portfolio management, idea execution, as well as mobile offer and user experience.
Gartner’s “Market Guide for Innovation Management Tools 2017” highlights Exago’s “comprehensive idea management process”, with the option to outsource screening with specific requirements, along with other platform management and advisory services. The report also emphasises how in the last year “Exago came up with a new release that introduced the ability to customize the idea workflow according to client’s innovation process and enhanced its reporting and UX capabilities”.
Even if innovation programmes can exist without this technology, Gartner says it can benefit them greatly: by focusing creativity in key business challenges, promoting engagement, easily structuring and managing each innovation stage and opening the innovation challenge to internal and external participants. The transformation to digital business is also “increasing IT leaders’ interest in software to support innovation initiatives”.
Gartner’s “Market Guide for Innovation Management Tools 2017” offers insightful market recommendations, harnessing the most complete data collection for industry members and prospective innovation software buyers. Exago was previously referenced in the guide’s 2015 and 2016 editions.
You can register for access to the research here.
Leaders with a clear vision tend to use cost-cutting and improvement to align costs with business strategy. The trend gained ground in the last decade, as world turmoil intensified and growth became a more elusive and complex goal to reach.
With low investments and rising risks, companies gamble on cost-cutting and improvement to ensure that they are prepared and equipped to grow stronger, as they wait for better times to come. In its 2013 third biennial cost survey, ‘Save to grow. Cost-improvement practices and trends in the Fortune 1000’, Deloitte underlined that cost-cutting was seen more and more as a ‘way to drive growth, rather than as way to survive or avoid insolvency’.
However, aggressive cost-cutting tactics under pressure will not salvage companies. The change has to go deeper, reaching a strategic level. This means that a company’s most valuable assets, people and their talents, must be mobilised, ‘consistent with a growth mindset, since having qualified workers and deploying them effectively is key to successful growth’, writes Deloitte.
In their recent paper, Exago’s CEO Diana Carvalho and our Sales Executive Andreia Dias show how a successful cost-cutting strategy is connected to the organisation’s capacity to evolve, to innovate, and to do it as whole. They explain how this process should start internally by capturing the wisdom of each employee, but how it can also reach external stakeholders, harnessing their potentially powerful insights, creating communities around the company and building communication bridges with clients and suppliers.
A successful cost-cutting and improvement strategy indeed helps companies lower costs, focus on the aspects of the business that are controllable and free up resources to fund transformation and future growth. And sustainable growth, by its essence, cannot exist without ongoing innovation. To make it work in your organisation, Andreia and Diana guide you through five major steps.
Feel free to reach us for the full paper at firstname.lastname@example.org.