In today’s fast-paced business world, innovation is often touted as the key to success. However, it is important to note that innovation alone is not enough to drive business success.
It’s like ideas – they are interesting, everyone has one, but mean nothing if you don’t or can’t implement it.
This is the biggest problem in business transformation today, the focus is on the wrong thing (intentionally by those that should know better, and benefit from it).
In this post, we will discuss Innovation and Execution, the difference, the focus, where the industry is going wrong, and what to do instead.
If you are a Business Owner, Leader or Manager and want to transform your organisation faster, with less risk, less effort, less cost and less time, then this is for you.
Introduction to the importance of innovation and execution in business
Innovation is the process of coming up with new ideas, products, or services that in our context – Business Transformation, is used to transform your business.
It is all about generating new and exciting concepts that can revolutionise an industry or solve a particular problem
Innovation and its Role in Business Transformation
On the other hand, execution is the process of implementing those ideas into a business’s operations. It is essential to understand that innovation is not enough. You must execute your ideas to bring them to life and realise their full potential.
Execution and its Importance in Realising Innovation
The execution involves implementing your ideas, which also means including your Target Operating Model (TOM). Your TOM is how your organisation is structured and will operate most efficiently and effectively, utilising that added value of innovation.
Target Operating Model (TOM)
While innovation is crucial, there is a word of caution to be kept in mind. The ‘dot com boom’ is a prime example of how innovation can lead to the creation of ‘vapour-ware.’ Many of the ideas generated during that time were interesting but ultimately useless.
Similarly, the use of jargon and buzzwords by Big 4 Consulting firms can often be a time-suck, wasting time and money while running up massive 7-figure-plus bills. They know this, but they won’t tell you that. That is money in their bank, thanks to your ignorance.
Potential pitfalls of innovation, and beware of the consulting firms!
A better approach is to follow a structured approach to innovation and business transformation, such as HOBA Tech’s six-step ‘design’ process. This process ensures that you address the five W’s and one H questions – the big strategic questions your organisation is trying or attempting to address and answer with your transformation, and uses innovation ideas and solutions to solve it.
And heres the clincher – those ideas are your teams! We believe that your people, the same people that are closest to the problem, and the customer, and also who operate the processes are the best people, with the best ideas to solve. They just need a structured, tried and proven approach to do that.
Looking for that structured, tried and proven approach? Keep reading!
Introduction of a structured approach to business transformation, HOBA Tech's six-step 'design' process
This process brings together the strategic ideas from the top of the organisation ie ‘the guys upstairs’, with Business Operations aka the guys in the coal face, who operate the processes, and addresses the 5W1H strategic questions:
WHY – Why are you transforming (i.e., what is your Vision)?
WHO – Who is involved (i.e., what stakeholders are both affected and impacted from the Business; are they represented in the business design, how are they represented in the business design decisions, and who makes those business design decisions)?
WHAT – What are the problems and opportunities that your business design i.e., TOM, will address, remove, improve, and take advantage of, today and in the future?
WHY – The second ‘Why,’ which is often overlooked in the marketplace today, is the Business-Operations Why. What are the Business Benefits that the Business-Operations want to release from the transformation (and then, what are the in-scope changes – people, process, technology & data, that when implemented enable the Business to realise those Business Benefits)?
WHERE & HOW – Where and how does the organisation need to change (using those above – People, Process, Technology & Data changes) to address those pain points and improvement opportunities in the current operation model above)?, and finally,
WHEN – When will these changes be implemented, and most importantly, when will the planned Business Benefits be realised?
This structured approach ensures that you move from innovation to execution, rather than death-by-powerpoint or creating beautiful presentations that sound impressive but mean nothing.
If you want to join the top 30% club that makes Business Transformation a success the first time, on time, HOBA Tech is holding a FREE webinar on how to do just that.
Sign up today to learn how to move from innovation to execution and achieve success in your business transformation efforts.
About HOBA Tech
If you liked what you read, learn more about Business Transformation and how to bring it to reality with less stress, less effort, less time, less cost, and higher profit. Learn about our award-winning agile Business Transformation framework, already used by thousands across the world to transform their business, including the UK Government, FTSE 100 Companies and start-ups, check it out here.
If you want to read why others are calling The Business Transformation Playbook the “Business Transformation Bible,” read the reviews on Amazon here.
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P.P.S. If you want to learn more about business transformation, check out The Business Transformation Playbook here.