Innovation, innovation, innovation – everyone wants it, but nobody seems to know know how to get and maintain it. CIOs are under great pressure to do more with less these days and the new environment of innovation certainly would help. The Trick Is How To Do This …
The Problem With Innovation
One of the big problems that CIOs have is that when they start thinking about innovation, they start to imagine a big blank sheet and then they try to figure out how they can be new. This is an exact wrong approach.
It turns out that innovations are NOT dirty paper – what technology works well known and now what technology works together is also known. Two professors, Dr. Frank Rothaermel and Dr. Edward Hess has looked into what innovation methods work and they have discovered four that work best.
Four Types of Innovation
The first thing CIO needs to realize is that there is no simple solution for everyone to find an innovation strategy that works for companies. Instead, there are four different methods that seem to work best. Just to make things more complicated can be combined with each of four different methods. However, not all combinations lead to more innovation. Let's look further.
Four different types of innovation that work best for businesses are:
- Human Resources Recruitment and Growth
- More on Internal Research and Development
- Strategic Alliances,
- Acquiring Technology
It is important to keep in mind that all four methods can be practiced individually or all at once. However, following more than one approach can allow companies to gain more innovation, but some methods do not blend well and can cause companies to waste time and money. The key is to know which technology works well together.
The Best Way to Promote Innovation
You knew I would say this: The research shows that the best way to achieve constant innovation over time is to hire and cultivate talented people. As always, it's something easy to say but very hard to do.
The reason for taking the time and investing money in your staff is the best way to promote long-term innovation, because this approach makes it a department to gain more control over its IP and creates a constant innovation lead there which no external affiliates are trusted.
In order to improve the chances of this approach, the best-based IT team teams build consist of both stars and staff outside the star. This allows the stars to look for new ideas, while other stars turn to ideas in successful products. Again, you can see that, although this is a powerful idea, it takes some serious CIO management skills to make it happen.
How to Combine Innovation Technology
When CIO Decides That Innovation Will Be Increased, All Too Many will start throwing money in different different ways without fully understanding how they want (or will not) work together.
For example, investment money in creating alliances is often made to create the same type of knowledge that companies can invest in their own nation.
CIOs, investing in both methods, destroy money because of overriding. The key that CIO needs to answer before the Alliance is working to develop a job and work out of work is to understand what key assets will be gained through the Alliance that he / she can not get from his own employees.  Dr. Rothaermel and Dr. Hess has discovered that two strategies that work best together are alliances and acquisitions. CIOs who take the time to form a joint venture with a vendor partner before they try to buy it, CIO provides critical insider information about the ticket company.
It turns out that both alliances and internal research and development are also complementary to each other. Inner advanced knowledge enables companies to better understand what market areas will become promising, enabling them to invest in the most promising relationships.
It is said that "there is nothing new under the sun." This applies to CIOs who try to boost innovation in their departments.
Research has shown that there are four innovative methods that work best. These four methods can be combined and used together; However, CIO should only pursue many innovative methods if they add to each other. CIOs, who can grow innovation within their wards, have found ways to apply information technology to enable the business to grow faster, go faster and do more.