Innovation is crucial for companies, yet many struggle: according to the NTT DATA Innovation Index 2023, only about 21 % of executives reported that their organization had definitively met its innovation goals, despite most recognizing innovation’s importance for growth.
To promote innovation, it must become ingrained in a company’s culture. This involves changing how innovation is perceived and making it a daily habit rather than an exception.
Three strategies can nurture this innovation mindset:
1. Make Time for Thinking at Work: Encourage employees to explore ideas during office hours. i.e., SAP implemented “Focus Friday” to give employees time to learn and pursue ideas.
2. Tap into Collective Knowledge: Innovation often builds on existing knowledge. Companies like Airbnb adapted during the pandemic by leveraging the collective skills of their employees.
3. Give Permission to Fail and Re-wire: Failure is part of the innovation process. Companies should create a safe space for experimentation and learning. Regular review sessions can facilitate this process.
Turning innovation into a habit requires persistence and support from management. By modeling change and sharing inspirations, managers can encourage a culture of innovation. The long-term impact includes faster digital transformation, improved operations, and the opportunity to shape a more sustainable future.
