In the todays fast pacing AI world and the business land scape, The CORPORATE INNOVATION, is not an optional thing its the mandatory work to do , it is very important for the today business long term growth and the competitive field. However, many organizations in the todays world are struggling to change the innovation ideas into the practical things which will apply on the real business outcomes. From the resistance to the lack of execution , companies are facing the multiple CORPORATE INNOVATION CHALLENGES, that really slow down the progress of the business and the corporate environment.

UNABLE TO CHANGE WITHIN THE ORGANIZATION

One of the biggest problems and the challenges that are faced by the employees in the CORPORATE CONSULTING are employees are getting uncomfortable and unable to adapt the changes that are happening within the organization like new processes, ideas and the tools , especially establishing the corporate Firms legacy.

When corporates partner with startups, they gain: fresh perspectives and emerging technologies, Faster product innovation cycles, Access to entrepreneurial talent and creative problem-solving, Better adaptability to changing customer needs.

Why this happens –

1. Fear of failure.

2. Comfortable with the existing workflows.

3. Lack of clarity on the innovation goals.

Why this happens –

Building a culture of innovation from the scratch
Encouraging your employees to experiment and fail and learn from it.
Rewarding your employees on innovative thinking not just on the results.

LACK OF CLEAR INNOVATION STRATEGY

Many of the corporate firms don’t want to innovate they just to practice the same old techniques, and some firms want to innovate but they don’t know how to plan a structured innovation strategy. Without a proper roadmap the innovation will go into vain.

COMMON ISSUES

No defined innovation strategies
Misalignment goals between the business and the innovation
Not prioritizing the goals

HOW TO OVERCOME IT

Defining the proper goals that are aligned with business and the innovation
Creating a structured innovation framework
Assigning the work with proper teams.

SLOW DECISION MAKING AND BUREACRACY

Large firms often suffer from the slow decision making and the higher position will takes time to take a quick decision which will eventually delays the innovation of the firm.

IMPACT

Missing the market opportunities
Employee motivation will eventually goes down
Competitors gains advantage by taking the faster decisions.

FACING DIFFICULTIES IN COLLABORATING WITH THE STARTUPS

Collaborating with the startups is best way to work faster and bring the innovation in the firm but most of the Corporate firms will struggle working with startups.

KEY CHALLENGES

Measuring on the short term financial returns and avoiding the long term changes.
Ignoring the experimenting and the learning process

HOW TO OVERCOME IT

Design structured open innovations programs
Setting clear expectations and the timelines
Appointing the innovation managers to bridge the gap

MEASURING THE INNOVATION SUCCESS

Another major corporate innovation challenge is measuring the success. Innovation results are not always quick it takes time to show the results.

KEY CHALLENGES

Tracking the innovation KPI’S
Combing the qualitative and the quantitative metrics

HOW TO OVERCOME IT

Tracking the innovation KPI’S
Combing the qualitative and the quantitative metrics

Conclusion:

The corporate innovations challenges are unavoidable and they can be overcome with the right mindset, strategies and the framework. Organizations that are tend to invest in the culture, Collaborating and the structured innovation are positioned better in the current competitive market.