"Innovate or die" is not just a catchy slogan. It’s the way that businesses need to operate in this market-driven world. And, as technology underpins more and more products, services, processes, and go-to-market strategies, the CIO must be involved in driving business-impacting innovations. This involvement ranges from supporting internal R&D to unearthing and vetting new technologies out in the market that can be internalized to disrupt the status quo and propel the organization forward.
Most organizations are cognizant of this reality. However, few have mastered making innovation into a sustainable practice with defined processes that take into account the differences between incremental change and true innovation. What is needed is less hyperbole and more practical information and examples of how to the CIO can and should support an innovation process to drive business value.
To deliver, you’ll need to understand and internalize the trends, understand the business capabilities required to deliver on sustainable innovation, and assess how prepared you actually are to deliver. Based on this insight, you then need to plot out a strategy and carefully plan your people, process, and technology. From there you have implement — building out your innovation network, and developing a governance model to enforce the right behaviors. And to continually improve, you need to focus on metrics, peer comparison, and change management.