Being innovative about innovating

How innovative is your organisation about innovating? A new report from Deloitte advises directors to inquire about their organisation’s innovation culture and infrastructure, looking at who the innovation champions are in the organisation, what innovation strategies they are pursuing and how they support and nurture innovative ideas.
It says: “Boards should also ask management to report on the way digital disruption is affecting their organisation and its industry, and how they are responding to threats while also tapping and maximising the many opportunities presented by this change.”
The report, Greater oversight, deeper insight: Boardroom strategies in an era of disruptive change, provides the following list of questions directors can ask management to measure the organisation’s level of innovation:

  • What innovations has our organisation developed over the past two years? What innovations have our major competitors developed over the same period? Are we leading, keeping pace with or falling behind our competitors
  • What are the most disruptive innovations in our industry? How can we better test or harness these emerging business models?
  • Globally, what can we learn from other industries that have been materially disrupted?
  • Who are considered the brightest and most influential entrepreneurs in our industry? How do we forge stronger relationships with these people?
  • On an ongoing basis, how do we better sense and shape the trends in our industry?
  • Do we, as a board, have one or more directors with sufficient knowledge about digital disruption to understand how it is affecting our organisation and industry and how digital should be integrated into our organisation’s business strategy?
  • What is our organisation’s innovation culture? Are we willing to take innovation-related risks or is our organisation too tentative and, therefore, in danger of remaining stuck in the traditional ways it operated in the past? Do we encourage orthodoxies to be challenged?
  • Are we curious enough about our customers? Do we collect enough data often enough from our customers? Do we make good use of it?

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