Digital transformation has become a normal aspect of the contemporary business environment, as companies are constantly pushed to keep up with new developments. A big part of being able to maintain a strong market presence is evolving alongside technology, embracing innovations into business practices and allowing it to shape operations for the better.
The ability to do this effectively is largely reliant on building a culture of innovation within the company, as this can help it to be more agile and responsive to digital transformation. So what can businesses do to achieve this?
So what is innovation culture?
Innovation culture is a blanket concept that can mean different things for different businesses. According to Fast Company, innovation culture has a lot to do with the general mindset of a company towards technology. Having this culture is essential to a business's ability to change and adapt, and as such should be made a priority by employers.
Fast Company argues that the way an organisation approaches innovation determines how its employees deal with unexpected circumstances, so the right mindset will be vital as a unifying guide across the business.
In addition, recent research by Gartner has shown that while digital disruption in an inevitable issue facing executives, businesses need to be able to evolve independently from the influence of leadership. A strong culture of innovation centralises the mission of the company, allowing it to maintain continuity even through changes to the hierarchy.
"Progress toward higher levels of digital capability must not be slowed down or derailed by changes in executive leadership. Continuity of vision is the key to building on technology investments made by prior administrations," said Gartner research Vice President Rick Howard.
What can you do to promote innovation in your business?
Like any business mentality, innovation culture must be first implemented by those in leadership and then passed down to the other employees. Yet to be truly successful it is something that needs to be instilled pervasively across the hierarchy.
There are a number of ways to help build a culture of innovation with your company.
Forbes says that it's important to create a safe space in which team members can experiment without fear of repercussions, and promote constant communication.
TechTarget suggests another approach, which involves establishing a reward system for employees who innovate and find unexpected solutions.
Finally, Fast Company emphasises that it's imperative to embrace failure as a natural aspect of all experimentation, and remain open to new ideas.
When a business has a well-developed culture of innovation they are much more likely to be receptive to emerging market conditions, and may be more competitive as a result.