Innoboard: There is no consistent definition of innovation. Every industry and every department perceive it differently. How would you define innovation as co-founder and CMO at Hackerbay?
Tobias Jost: Innovation for me = hacking. Hacking is the process of overcoming limitations by creating unique and abstract solutions (through a series of rapid, short-term successes). The number of experiments in the field of digital innovation is crucial to its successful outcome in the long term. It’s all about trial and error. To be innovative, you certainly do not have to build everything from scratch– this is a common misconception. Chances are, what you’re trying to achieve has already been done, or at least parts of it. As a result, using existing best practices and assembling them in a new and unique way is actually the most innovative process you can undergo.
Innovation: the word itself implies new, transformative ideas and technology. However, innovation depends heavily on what came before—the basics. When companies try too hard to be innovative, those efforts can often fall flat if they lose sight of basic principles. This is especially true when innovation continues blazing on ahead, but the conditions that first spurred that innovation have changed drastically. While it’s very important to have creative people on task to introduce exciting new ideas, it’s equally essential that everyone understand what basics they’re building on in the process. Innovation for innovation’s sake won’t lead to success. Here are a few examples of why it’s important to respect and consider innovative ideas, while paying attention to the solid principles of the basics ideas are built on—and backtracking when necessary.
Many firms that were once successful have been marginalized by competitors, and such an evolution may potentially affect the majority of large established companies in many sectors. The underlying reasons for this threat are the trends towards digitization, the Internet of Things, Industry 4.0 and artificial intelligence. Consequently, most firms simply do not have a choice. They need to respond by means of digital trans- formation. By now, most firms are aware of the challenges, but they struggle with developing appropriate strategies and managerial responses.
The findings of our ‘Death by Digital Disruption?’ survey of the German DAX 30 corporations underscore the importance of innovation and digitization in these firms. Both activities are becoming increasingly inseparable, and they are the keys to sustaining superior financial performance over time. Experts from all 30 DAX corporations participated in the survey, which is complemented by insights from additional interviews of experts, and by our project experience. Moreover, a peer evaluation by industry experts identifies the top five digital transformers among the DAX 30 firms.
Innoboard: There is no consistent definition of innovation. Every industry and every department perceive it differently. How would you define innovation with respect to your position as Senior Director Future Innovation Strategy at Deutsche Lufthansa AG?
Doris Krüger: Indeed – this question can of course be answered in many different ways and perceived through manifold perspectives. Let me try to give you a short answer regarding what matters to me in my present role and responsibilities. Keep in mind that this definition is an always moving target with the capability to change at all times:
Innovation is the successful development and implementation of an idea. This could be: a new product, a new service, a new process or a new business model. Innovation is therefor especially important to the Lufthansa Group as it improves our competitive position by creating a significant value for our customers and the company itself.
We differentiate 3 categories of innovation at Lufthansa Group:
Innoboard: There is no consistent definition of innovation. Every industry and every department perceive it differently. How would you define innovation as co-founder and CMO at Hackerbay? Tobias…
Innoboard: There is no consistent definition of innovation. Every industry and every department perceive it differently. How would you define innovation with respect to your position as Senior…
Innoboard: There is no consistent definition for innovation. Every industry and every department perceive it differently. How do you define innovation at Brightidea? Paul Tran: We define innovation…
There is no consistent definition of innovation. Every industry and every department perceive it differently. How would you define innovation with respect to your position as Head of…
The book shows in a practice-oriented way how leading firms manage innovation, digital transformation, and disruptive business models. It includes contributions by renowned experts at innovative firms, such as Allianz SE, Cisco Systems, comdirect bank AG, Deutsche Lufthansa AG, Evonik Industries AG, Oracle, Terex Corporation, TRUMPF GmbH + Co. KG, Turkish Airlines, and Volvo Car Group.
ILI CONSULTING AG specializes in innovation consulting to top management and advises global conglomerates, as well as leading mid-size companies.
Innoboard