INNOVATION IN DIGITAL COMMUNICATION

INNOVATION IN DIGITAL COMMUNICATION

 Key things to consider when starting developing innovation:

Once we start to work as corporate communication person with a client to develop an innovation strategy, we seek to develop a common understanding of the definition of the innovation strategy purpose. When we speak about innovation, we speak about successfully commercializing new ideas.  Based on this understanding, the following are things that can make up a good innovation strategy in digital communication:

First, innovation needs to be truly inspiring and describe a desirable future of a company.

This requires the organization or the innovator to aim higher. You have probably read in literature that the innovation strategy should be derived from the corporate strategy to clearly see opportunities for growth and make choices about the role of innovation, which is absolutely not wrong and that will be for good future.

 Opportunities and possibilities formulated in an innovation strategy should actually provide input and shape the overall corporate strategy. Invention is done everywhere. In fact, the value that is derived for many large companies by scouting inventions, connecting the dots between many singular ideas and inventions into one big platform innovation and fully scaling it to maximize potential benefits.

 Innovation strategy must be specific to the time bond

  It is important to describe with great precision which specific time that the innovation initiatives should be pursued, and where to invest and compete because the innovation should compete in the market. The innovation strategy also needs to explore possible market developments and scenarios while defining the most attractive market opportunities.

 The strategy should answer a number of questions like: What growth platforms represent the best chances for the company to win in the market? And, what is the rough business case per growth platform? This is the step where the overall risk related to the execution of the innovation strategy should be assessed in the context of the overall company situation. It is not by coincidence but due to the inherent uncertainty that venture capital funds place a portfolio of bets. Still, a corporation should carefully consider how many eggs to put in a single basket. 

 Innovation strategy needs to be adaptive,

The innovations should adapt to the real environment and situations of the organization to incorporate or allow an organization to cut its losses if required. This typically does not fit with the classic annual corporate planning cycle. An innovation strategy and the respective execution should be capable of adapting the moment there are new insights, even if that requires moving in multiple directions to raise the aspiration.

Again, the innovation strategy should aim higher and help the company outpace anybody else in a contested space, the strategy of business innovation strategy, however, ‘new’ or innovation can have different meanings, ranging from new on the world market to new in one specific industry, but already established in another industry. The word innovation strategy implies that we are talking about something with a potentially large impact on the company.

BY

JOHN, CAFRENE. BAPRM 42567