Business environment are globalized. This increases the complexity and dynamics of the market. Innovation is how a business stay competitive and collaboration can make innovation easier and more successful.
Companies no longer develop innovations in house. They are increasingly opening up their innovation processes and experimenting with different “open innovation” approaches. Companies often work with partners from all around the world to develop innovation strategies and products.
Open innovation is based on the belief that knowledgeable and creative people outside the company, who can contribute to achieving strategic goals. Working alongside with knowledgeable, smart, innovative minded individuals gives companies a new perspective to an old problem, which helps them to adopt technological advancement and evolve with customer preference.
Mark Esposito, a Professor of Business and Economics points out that the “collaborative innovation is the next big idea that need to shape up with actionable items, allowing players across value chains to participate in the emergence of new collaborative business models. anchored solid foundations of interpreneurship, collaborative innovation is the engine of modern, agile organizations capable of creating new capacity, which can pioneer radical new ideas while testing the limits of markets. A true best friend for growth.”
One of the reason behind innovative collaboration and open innovation is Idea Management. Idea Management is a structured process – an integral part of the innovation process – aimed at the collection, management, selection and sharing of ideas. Involvement of innovative partner brings in new perspective and capabilities to the existing ones. The knowledge and capabilities innovative partners may have could be niche and rare.
Young companies bring in new technologies and business model. Most companies want to take benefit of this. They want to take advantage of current changes and drive innovation. For Organizations, outside partners help navigate rapidly changing technologies.
leverage 2 ecosystems
Innovative partners have a well-defined vision for them self and so does the organization they collaborate with. They drive its core value with the organizations strategy and long-term vision. This makes innovative partners more relevant and impactful for an organization.
A key part is talent and competence development. Most Skills or competencies that innovation partner brings in are niche or rare. Innovative partner does not impact organizations regular day-to-day functions but provide flexibility to innovate. They are Independent and has a holistic team from the organization and hence should have all the skills required to understand and develop end to end Product/services.
To reduce knowledge management risk.
The main knowledge management (KM) risk organizations face boils down to this- At any organization, a large percentage of critical business information lives either exclusively in employees’ heads or in locations only they know about (or can access easily).
Innovation partners help organizations address this challenge and reduce their KM risk by fostering knowledge-sharing through the division of a responsibility for a particular process area, business activity, or capability among more than one person; they also encourage employees to document their knowledge and publish it to a wider audience in policies and procedures, process diagrams, best practices, etc.
We at Dhyey Consulting Services, are the providers of Center of Excellence as a service, where we facilitate resources for implementation, support and Research and development of Microsoft Dynamics 365 to Microsoft Partners. Our COE enhances; Business Processes, leverages organizations, & boost-up efficiency & productivity. It comprises of highly skilled individuals and experts which forms a holistic team with Leading edge knowledge and competency in Dynamics 365. We Aim is to Provide Efficiency and Effectivity in your innovation.
Our Center of Excellence is on the bases of our knowledge and expertise in Microsoft Dynamics 365. Our most important assets are our resources. We have a knowledge sharing environment for our resources to maximize knowledge.
Our business model is extremely adaptive towards changing technologies. We have on-going training programs for our resources to keep up with the changing technologies. This play a key role in our talent and competency which makes our them rare and niche.
Written By: Ishita Patel