Business innovation and emerging trends

Wanted to start this part of the blog by showing this beautiful description of the various trends that flow into waves and at the end help in forming what is called business innovation.

As you can see it takes a lot of elements to form the end product of business innovation. Technology trends, experiences from the past projects, business models that were the final product of endless Enterprise Architectural analysis session, society playing one of the major roles, and an endless list of innovation management elements that in turn create a package known as business innovation. This is an essence of innovation programs, and innovation activities, its best practices.  The target leaders for such type of models are CXOs, Business and Unit leads, Strategic advisors, essentially everyone who is looking to innovate and create something new for their organization.

Another great example or reference in the Gartner article by which business is innovated is what is known as a STREET model. It is comprised of Scope, Track, Rank, Evangelize, Evaluate, and Transfer.

Looking at the societal trends, it is also very important to utilize the methodologies above to get an edge over the competition. To gain a competitive advantage, it is very essential to spend time on all the elements (technology trends, societal impacts, etc). This will not only help with designing a strategy and a trend, but also a path towards a common goal of innovation.

Reference: https://www.gartner.com/doc/1938314/agenda-business-innovation-emerging-trends