Expanding the Innovation Horizon - IBM's The Global CEO Study 2006 report

According to the IBM Global CEO study 2006 is an document every manager should read. The document based on the study by IBM with Economist Intelligence Unit is based on interviews with 765 Chief Executives from around the world. The report offers a number of suggestions, including the following considerations that can help the business organizations to become more effective when embracing innovation:

• 'Think broadly, act personally and manage the innovation mix'.
• 'Make your business model deeply different'.
• 'Ignite innovation through business and technology integration'
• 'Defy collaboration limits'
• 'Force an outside look ... every time'.

In the past innovation was recognized as a critical strategy for developing products, services & new markets, as well as innovation that enhances operational efficiency. The Report citing the findings highlight the importance of business model innovation. Successful business corporations pay attention to all three areas of innovation . Business model, Operation and products/services & markets.

Anyone who is serious about incorporating innovation as a corporate strategy, must recognize the need to introduce systems in place that will encourage collaboration. The collaboration does not stop with team structure, an element of the new organisation design but extends to other critical stakeholders - customers and busines partners as well. The IBM report cites the customers and business partners as the main source for innovative ideas.

The changes in the organizational structure and establishing new strategic partnership are the two major areas of innovation under the business model of innovation. Why should anyone be interested in adopting business model of innovation? According to the report, the innovators of the business model enjoy a number of benefits, including cost reduction and strategic flexibility.

The operational innovations were generally aimed at making the business operations more responsive to ever customers. Operations that are slow, costly and that are no longer relevant are dumped. Successful operational innovators use IT and technology for optimum performance efficiency. The repost cites a number of successful corporate examples.

The life span of products and services are getting shorter. This would mean, organizations are under pressure to continue to innovative their products and services.

Anyone who want to survive, grow and continue to thrive in the global business environment should read the IBM report.

Expanding the Innovation Horizon

Happy reading.

John

Arul John Peter, co-owner of Centre for Creative Thinking, a training agency based in Singapore (www.creativityasia.com), facilitates training workshops on creativity and related soft skills for clients in Asia and Middle East. As a Trainer, John facilitates management seminars and workshops in the areas of Creative Thinking, Supervisory Skills for new managers, EQ Skills for Team Leaders, Customer Service Excellence, Managing Difficult Customers, Communication Skills, Change Management, Personal Development Workshops, and Public Speaking Skills. He holds an MBA and majored in strategic human resource management. He is a member of the American Creativity Association.