In 2022, companies are operating in a highly competitive climate. Artificial intelligence, Industry 4.0, Blockchain Technology, Quantum Technology, and 3D printing are trends that need businesses to innovate to stay relevant constantly. However, rather than developing new ideas and expanding into new industries, many firms are concentrating on their present areas of expertise, streamlining procedures and income streams in areas of proven success.
According to S&P 500 lifespan report, 88% of the firms in the 1955 listed Fortune, 500 companies are no longer on the list sixty years later because they were amalgamated, were purchased, or - in most cases - declared bankruptcy or are no longer prominent (Perry, 2014).
Hence, every firm should follow a two-pronged strategy: utilizing and optimizing existing products while leveraging innovation as a foundation of long-term development and profitability. A simple yet effective method for speeding innovation is to use a company's current resources: its people. To know how to improve with DT and TSI employees, I did an internal survey where I try to understand current practices and employee’s expectations of Internal Innovation at DT and TSI. The responses were instrumental for the framework creation. People are the change makers; organizations and governments need to facilitate the idea by providing easy infrastructure to motivate the process.
To foster Internal Innovation, organizations should focus on managerial excellence and employee satisfaction which can bring great ideas for new products or services. With Google's 20% time policy, allows employees to use part of their work hours for personal projects, Paul Buchheit took use of the opportunity to establish Gmail, which went on to become a key component of Google's lineup. This eventually led Google to introduce Google Ad sense, where the company now generates its main revenue.
Ref: https://studiozao.com/resources/intrapreneurship-examples
Larry Page, would sit down with engineers and give them projects. When he sat down with me and said, “we want you to build an email something.” That was all the specification I got! So I went off to build something with email, which became Gmail.
Paul Buchheit, Gmail creator
It's more than just an idea; it's the actual doing of things that boost output and earnings for a business. The TALENT model encourages workers to pursue activities that spark joy and satisfaction. As a result, the company's inventive activities will be more in line with the company's innovation strategy. The strategy is streamlined so that any worker may get value from it, and it places emphasis on the company's already existing resources and methods.
When investigating management suggestions for a business, it's important to ask whether all workers, from the CEO on down, are included in the strategy development process. Allocating resources and keeping workers informed becomes essential. Data has shown companies continue to waste their money through a lack of budget understanding. An innovation update integration and networking platform, where workers may discuss all aspects of innovation, can be a starting step toward this goal. This will enable employees to see global innovation topic-related updates as an inspiration or as a means for ideas.
