Hyper Collaboration is key to Successful Co-Innovation
Innovation is at the heart of the change taking place in many enterprises today. The ubiquitous internet access combined with smart device usage in the hands of consumers is forcing Enterprises to change the way they do business. In addition, traditional Enterprises are also being challenged by born-in-the-cloud and new-age organizations in their respective industries forcing new business models and new capabilities. This disruption is resulting in the need for enterprises to evolve and innovate continuously. Majority of these innovations are driven by new age technologies.
Emerging technologies such as Artificial Intelligence, Blockchain, Internet of Things, Augmented Reality, Quantum Computing and many more are responsible for a large number of digital disruptions taking place in the market.
Enterprises are driving innovation, efficiency and alternate business models for their business leveraging these emerging technologies. To do this, they need to either:
- create solutions using these technologies themselves, or
- look for solutions that are partially or fully available in the marketplace
Interestingly, the B2B Tech Startup eco-system has either developed or is developing a number of these solutions / use cases needed to disrupt enterprises. This is helping enterprises to realize the value from their innovation much faster than developing solutions themselves. This is the Good News!
The challenge however is three-fold:
- With over 100,000 B2B technology players globally, finding the potential candidates is a time consuming task.
- In each technology category, there are hundreds of technology players resulting in one too many choices.
- The minimum time taken to adopt these new digital technologies is 9 to 12 months if not higher, resulting in avery long adoption lifecycle.
To solve these challenges, we need to bring all players of the technology/innovation adoption lifecycle on a common platform to collaborate effectively and efficiently. This includes the Technology players (creator), IT Service Providers (enabler), Enterprises (consumer) and Investors (financier).
Collaboration is the key to successful Innovation. This collaboration needs to take place both internally in organizations wanting to innovate and externally with organizations who can assist with creating, implementing and supporting the technology.
Successful Collaboration will lead to Co-Creation and/or Co-Innovation. This is the only way Enterprises can evolve and innovate continuously!