Reasons Why You Should Start Corporate Innovation Program

You probably have heard about Innovation and you want to do something about it for your organization. It is like a puzzle that needs solving, but the think is which one you should start first? Here could be the reasons compiled why you want a piece of the action on Innovation:

  1. There are so many new technology arounds but you have no clue how to take advantage of all these for your organization eg Industry Revolution, 4IR, Digital etc..What’s all these tech stuffs?
  2. Around 40% or more of your workforce are 40 years old and below. This is consider fairly young workforce. Most organizations in Malaysia for example has around 50-70% workforce of 40 years old and below. How to tap this huge energy reserves?
  3. There’s so much ideas being presented to you and your management teams, but it is who is looking after them? What is the outcomes or results? Why there seems to be nothing implemented? Who is doing the monitoring?
  4. You and your management team would like to find out new opportunities for business growth. Maybe there’s something?
  5. The internal processes seem overwhelmed with tapes after tapes and you wanted it change for so long, but why the problem still persisted?
  6. People morale is getting lower by the day with all other concerns about the economy, jobs security and personal finances. How to rejuvenate and recharge?
  7. You have some budget (approved by the Board) to work on innovation programs, where to start? (Innovation program budget starts from $50k-$100k)
  8. The training done by the human resource seems to have very little impact because they said the organizational change should be addressed at the same time.
  9. Your management team (kitchen cabinet) is becoming more picky, testy and struggle to communicate cohesively and you don’t know who is the dark horse anymore. Put your foot down?
  10. The entire workforce especially the operations, middle managers and customers facing staffs said, “Our customers complaints has increased and they have switched to our competitors.” Shall you wait any longer?

The above listings are popular reasons I personally have observed and listened during my engagements with our clients. What’s yours? I’d love to compile several more to provide greater awareness that innovation program is a strategic decision.

Check out my next 2 parts article “How Start a Corporate Innovation Program?”

Brickbats please email to donkhairul@gmail.com

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