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What's New in Corporate Innovation Management?

Enterprise Technology Review | Monday, December 02, 2019

For today’s enterprises, corporate innovation is a life-or-death choice. It allows companies to foster out-of-the-box thinking within corporate environments.

FREMONT, CA: Companies of all sizes understand the essentiality of innovating and growing their business to avoid being stagnant or irrelevant. One competitive advantage many top-performing enterprises have is how they incorporate ideation and innovation management into their culture. Here are the three top innovation trends that will mark the coming years for businesses to place their bets.

• Phygital Advances

The Internet of Things (IoT) has expanded steadily in recent years and played a growing role in shaping corporate innovation trends. However, the increasing importance of the phygital component is a relatively recent development. As the name suggests, the phygital is that which combines both digital and physical experiences to achieve business goals. In a business setting, it typically entails integrating offline and online for better customer experience. Innovation leaders should consider the phygital trend because the implementation of it has the potential to reshape the business.

• Internal Innovation Labs

With internal innovation programs, firms establish teams whose very purpose is to investigate and develop smart ideas. Innovation labs can empower employees to innovate by providing them with company resources including, money, access to market space, and working hours to turn their ideas into full-fledged products and services. Innovation labs can also conduct internal innovation challenges in which employees can do crash courses to stimulate new thought paradigms.

• 5G Innovation

With 5G technology set to ramp up soon, the business world will be presented with limitless innovation and collaboration opportunities. Due to the increased internet speed and coverage density offered by 5G, the practical applications of IoT in business will also increase. Innovators should also note that the evolution of 5G also has significant implications for overall business process improvement.

Today, innovation is a necessity and must not be considered an option. When firms decide to innovate in the context of their business, they must ensure well in advance that their team is completely ready for the drastic change. Amplifying innovation ability in the present helps to fortify corporations for future markets. 

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