The theme for the new era of business is centred around innovation. Once used as a buzzword, it's now regarded as an essential cornerstone of success and longevity for most organisations. There are two reasons for this.
The first was the lightning-fast developments from the technology space that expanded features and shifted market trends. Streaming services such as Spotify and Netflix were prime examples of this, showcasing the power of algorithmic recommendations and digital convenience. The second was the hard pivots in business models most had to make to overcome global challenges such as the pandemic. Airbnb, Grab and Uber were some businesses that demonstrated the benefits of going asset-light, one that was founded upon their early innovative approaches. By focusing their developments online and adopting agile methodologies, these companies saw staggering growth in a short period and revolutionised the industry.
Whichever the reason, these disruptions affected organisations big and small, and no one not even legacy brands - could go about business as usual. Companies that failed to innovate became irrelevant and obsolete quickly. Stagnancy became a death knell. Help was dearly needed, and innovation answered the call.
But First, What Is Innovation? And Can It Be Taught?
Business innovation is not just about creating another new product or service for the sake of it. It's about finding better ways to meet the needs of customers and users, often through optimising processes. It gives companies that competitive advantage in today's fast-paced business environment by having them adapt to changing market conditions - something keenly felt in the years of the pandemic. Effective solutions can then differentiate them from competitors, while also helping with scaling, expansion into new markets, and enhancing overall profitability.
At the same time, CEOs in Asia Pacific are feeling the pressure of this demand for constant innovation. In a report by PricewaterhouseCoopers (PwC), a significant 63% are not confident about their company’s longevity, despite 97% of them having taken steps towards business reinvention. This is the reason why the role of the Chief Innovation Officer (CIO) is fast becoming a crucial one in business, to support the transformation strategies needed to put the company ahead. Programmes such as SMU Academy's "The Chief Innovation Officer Programme: Designing and Leading Innovative Organisations" were designed as a response to this demand, and to equip more leaders with the skills to strengthen innovation culture within their organisations. So yes, learning innovation is possible - and it's all in the mindset.
Resolutions With Essential Thinking
As innovation is about providing new effective ways to resolve a problem, essential thinking - which involves distilling complex problems down to their core components and providing sound solutions - is indispensable for fostering innovation. This skill is so important, that the World Economic Forum (WEF) named it the top skill to have in 2023.
Beyond identification, those with essential thinking can also discern the underlying causes and implications of those problems. Professionals who understand the essence of every challenge can help their organisations pursue innovative solutions that address root causes rather than surface symptoms. Amazon applies this heavily with its customer-centric approach, where founder Jeff Bezos has been known to drive developments by starting with the customer and working backwards. This gathers those with the analytical and empathetic mindset to anticipate customer needs, identify pain points, and develop innovative solutions to address them.
Essential thinking not only leads to more effective problem-solving but also enables companies to install lasting optimised processes that can adapt to future challenges more proactively, as can be seen in Amazon's case. Moreover, it assists in strategic decision-making by prioritising essential factors so organisations can allocate resources more effectively while capitalising on emerging opportunities. This disciplined approach fosters agility and resilience, enabling companies to thrive in dynamic and uncertain environments.
Creativity With Design Thinking
Another cognitive skill that drives innovation is design thinking; which also happens to be the second skill in demand cited by WEF in their study. This mindset offers the individual fresh perspectives on problem-solving, with an emphasis on the consumer experience. By placing the user at the heart of the innovation process, companies can develop products and services that resonate deeply with their target audience. According to research by the Design Management Institute, design-driven organisations outperformed the S&P 500 by 219% over a decade.
At its core, design thinking is about understanding people's needs and motivations and using that insight to inform the development of solutions that are both functional and emotionally resonant. Professionals need to engage in empathetic research, brainstorming, prototyping, and testing, to make their companies ideate and offer products and services that not only meet but exceed customer expectations.
Moreover, design thinking encourages a culture of experimentation within organisations. By embracing failure as a natural part of the creative process, companies can learn and iterate more quickly, leading to more impactful innovations over time. This is especially useful when looking for unique solutions, though it must be said that innovation requires these novel approaches to be successful as well. When done right, this iterative approach enables companies to stay ahead of evolving customer needs and market trends, driving sustained growth and competitive advantage with surprising results.
Inspiring Leadership With Quantum Thinking
To hold the space for analytical and creative thinkers, a leader must possess superior skills and cunning acumen to manage complicated relationships in the organisation. With differing perspectives and diversity comes a highly dynamic workplace, and applying quantum mechanics can be a way to better navigate the complexities of human relationships within teams and departments. As the last steps of innovation require a lengthy period of development and implementation, quantum thinking can foster a culture of innovation and collaboration by effectively navigating diverse perspectives - one that encourages constructive debate to harness the collective intelligence to tackle complex challenges and drive meaningful change.
On top of managing your human capital, quantum leadership has been shown to instil a resilient and adaptive culture at the workplace. SMU Academy's "Applying Quantum Thinking in Leadership and Sustainability Management to Foster Change, Transformation, and Resilience" explores long-established paradigms through the lens of quantum mechanics, to reimagine a business that will thrive in dynamic and uncertain environments.
So, Is Innovation Training for You?
Cultivating an innovative mindset is a skill that can be developed and nurtured over time even for individuals who have a natural inclination. Innovation training equips employees with established tools and mindset to guide them onto the path towards effective and meaningful change and can be especially useful in rapidly emerging industries of fintech, data analytics and more. It empowers individuals to think critically and creatively, and welcome uncertainty as an opportunity for growth. Innovation training also makes leaders out of professionals, letting them emerge from their peers to become an extraordinary talent. More importantly, this is transferable and can be a valuable asset in the future of work. Investing in innovation training is not just an investment in individual development for organisational success, but as a cognitive skill, helps to further one's personal growth as well.
Cultivating an innovative mindset is desirable and essential for maintaining a competitive edge today. Essential thinking, design thinking, and quantum thinking are invaluable tools for unlocking creativity, driving innovation, and achieving sustainable growth. Consider the lasting impact this has, and become the future-ready talent the ever-evolving business landscape needs.
Be empowered by an innovative mindset. Learn about these distinct cognitive trainings at SMU Academy.
