In our latest edition of The Credera Brief video series, Credera Partner Nathan Hanks shares why it's imperative for your organization to build a culture of transformation if you want to innovate.
The Link Between Innovation and Transformation
Developing a deep understanding of the needs of your customers translates into insights about new product or service ideas you should bring to market. However, if you want to bring these innovative ideas to life, your company likely needs to make changes to your business’s value chain to realize the innovation’s value.
The value chain is comprised of the following four aspects:
Product: a new innovative product idea is focused on this aspect
Business: the people, processes, and organizational structure
Technical: the software applications, technical infrastructure, and data information
Supplier: the supply chain or raw material you consume to make your product
For your new product or service to be successful, chances are your business will need to transform and change at least one of the four aspects of your value chain. Here are a few examples of those aspects that may be happening in your organization:
Can you reorganize a business unit?
Can you change a current process?
Can you make changes to a software system?
Do you need to find a new supplier, and/or alter your supply chain?
Do you need to investigate why defects are happening in your manufacturing process?
Naturally, companies are resistant to change, especially if the future is uncertain. But without transformation, there is no real innovation. If your company can develop mechanisms that readily adopt change, it can foster an innovative culture that’s well-suited for transformation.
The Credera Brief
At Credera, we believe the toughest business challenges are best solved by a team—a team who works together to share knowledge to accomplish their goals.
We created The Credera Brief series to distill trends and ideas from Credera leaders and experts. These short-form videos share different insights and perspectives across the topic spectrum from MarTech and innovation to strategy and technology.