PA’s Mads Kjøller Damkjær, an innovation expert, shares his view on innovation and its impact on companies’ survivability.
Mads argues that it can be very difficult to made the right investments in innovation and that such investments may seem an insurmountable task to some. However, an increasing number of companies are finding new ways to overcome many of the traditional obstacles for innovation.
According to Mads, it is imperative that a company’s innovation approach is aligned with the overall business goals: “An innovation strategy must be visionary and agile to be successful. However, company strategies are often short-sighted, focusing on costs alone. This is what I call operation rather than strategy. Innovation strategies must support the company’s mission and define concrete targets for innovation.”
According to Mads, achieving success with innovation depends on a number of factors that leaders must take into consideration: working with the right technology that supports new innovative products and services; getting the right talent in place; ensuring the concept of innovation is deeply anchored in the company’s culture, vision and mission; and that management takes responsibility for driving innovation.
“Most importantly, companies and their leaders must look for innovative ideas outside their comfort zone. Being innovative is about having the courage to think outside what’s normal and ‘business as usual, and it’s about being constantly curious. If a company possesses these traits, it’s well on its way to seize the many opportunities of innovation,” concludes Mads.
Mads Kjøller Damskjær is an innovation specialist at PA Consulting Group.