Four Ways CIOs can Build an Innovation Ecosystem

Four Ways CIOs can Build an Innovation Ecosystem

Building a culture of innovation requires organizations to provide autonomy to their employees while simultaneously embracing and encouraging their ideas.

CIOs seeking to establish an innovation ecosystem should look beyond methodologies. Since innovation today is taking place at a platform level, it is crucial that CIOs think more about vendors and partners and how they fit into their ecosystem.

As per recent research from IDC titled “IDC FutureScape: Worldwide Future of Industry Ecosystems 2021 Predictions,” IT and business leaders can no longer see their organization in isolation. Their future success will rely heavily on being part of an industry that has an ecosystem. As per the report, industry ecosystems can yield a 40% greater innovation rate than conventional methodologies. However, achieving success in the industry heavily depends on which industry ecosystem the organization should join and actively participate in. Organizations can also opt for developing hybrid ecosystems where they can build on top of an established ecosystem. They should also consider incorporating a go-to-market strategy that will help them to identify which technology partners they should align with and how they can future-proof themselves as much as possible.

Here are a few steps CIOs can take to build an innovation ecosystem:

Give opportunities by providing personal autonomy 

As per industry experts, creative and highly skilled people exhibit high performances under personal autonomy. They should provide an opportunity to prove the idea and surface the innovation to those who can make the transformation. It is critical to creating this opportunity by providing autonomy to employees to process their thoughts and present their ideas.

Also Read: Google Broadens Business Messages Partner Ecosystem

Develop cross-organizational networks 

Helping employees to easily connect with senior leadership has proven to be the most effective enabler for an innovative organization. Establishing collaboration across the lines of hierarchy is the critical aspect of capturing new ideas and taking action. Additionally, fostering networking in the organization’s culture communicates across the silos and encourages and inspires new ideas.

Find out about the emerging vendors 

After identifying the various kinds of services the organization may need in its innovation ecosystem, CIOs should start looking to identify suitable technology partners. One way to identify emerging vendors in their industry is by crowdsourcing across their organization. They can opt for setting up an emerging vendor tracker. This will enable associates within the enterprise to share details about the emerging vendors they are collaborating with as well as the ones they think will be a good fit for them. Additionally, the tracker will help CIOs identify which relationships are in early discussions and those with active pursuits and projects.

Determine the industry disruptors 

When CIOs begin to look for innovative technology vendors, a common mistake is to start seeking organizations that are praised as the most innovative or work with the best of the breed. But, the Best-of-breed approach only works well for internal IT such as ERP or CRM or anything else under the radar in terms of client-facing solutions.

CIOs need to start looking elsewhere when looking for value propositions and differentiation. In such cases, the best-of-breed solutions become the table stakes that organizations can use as the foundation for their ecosystem or industry cloud. While it is tempting to think that tech players in the innovative lists on the internet will be a great choice, CIOs should assess their methodology to find out how it fits into their definition and expectations for what contributes to innovation.

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Vishal Muktewar is a Senior Correspondent at On Dot Media. He reports news that focuses on the latest trends and innovations happening in the B2B industry. An IT engineer by profession, Vishal has worked at Insights Success before joining Ondot. His love for stories has driven him to take up a career in enterprise journalism. He effectively uses his knowledge of technology and flair for writing, for crafting features, articles and interactions for technology enterprise media platforms.