The DeSai Group's latest research suggests organizations that prioritize innovation as a core competency and develop innovation leaders who possess the characteristics to create a climate conducive for innovation, consistently outperform their competitors in nearly every category including top-line growth and bottom-line profitability. Employees cannot successfully innovate unless their leaders empower them to do so in an environment that values and rewards their contributions.
Organizations that continue to be leaders in their respective markets use innovation to their advantage; especially in times marked by economic turbulence.
A Significant Challenge Reported By Our Client Executives: How can leaders create a climate that is conducive for innovation?
Leaders of the 21st century are being challenged to do more with less. As a result, leaders must support a commitment to innovation on the following:
Establish innovation as a legitimate business priority - cultivate cross-functional collaboration on innovation.
Embed innovation into employee performance systems with appropriate rewards and recognition.
Encourage collaborative efforts within the organization as well with outside partnerships.
Come to view failures as opportunities to learn. Recognize successes as well as failures from innovation.
Communicate that innovation is a long-term business process that needs to be cultivated just like any important business initiative.
Behaviors of Innovation Leaders: Through our work with executives in their respective fields, we have observed that there are certain characteristics and behaviors exhibited by those that could be considered to be "Great Innovation Leaders".
The DeSai Group has uncovered four of the most critical behaviors that are essential for success as an innovation leader. These are:
Collaboration: A leader's ability to work as a true partner with other stakeholders within as well as outside of their organization adds significant value and competitive advantages not often recognized by leaders who remain insular.
Customer Focused: True innovative leaders always keep a razor sharp perspective on who their customer's are. This pertains to the internal as well as the external customer and involves an intuitive understanding of existing as well as anticipated future needs.
Quick and Effective Decision Making: Great innovation leaders make wise decisions quickly and effectively. This often occurs because they have established strong cross-functional communication channels and are informed about matters that are vital to decision making.
Embrace Change: Great leaders understand that continuous change creates significant opportunities for growth and if a leader is unwilling or unable to continually adapt in today's business environment, it impedes the entire process of innovation.
Finding leaders that possess all of these traits is challenging. Developing these in others can be even more challenging. Some believe these are behaviors that are innate, however, there is evidence that these behaviors can be cultivated over time.
To learn more about how you can get started, please contact us at firstname.lastname@example.org or call 860-233-0011 to set up an introductory meeting.
We invite you to visit our resources page where you can download articles, podcasts and stories. You can also visit our video gallery and Jatin DeSai's Blog to learn more about his view on innovation, strategy, leadership, globalization, etc.