Throughout my career, I've seen a variety of misconceptions about innovation and teamwork in a variety of businesses. The most common was that invention is a one-man job that can only be accomplished with unparalleled genius.
While there were some amazing entrepreneurs that met that criteria, it was actually a lot easier.
Today's businesses must provide innovations to their partners, start-ups, and customers, but how should they do it?
To stimulate industry innovation, innovation ecosystems increasingly bring together their industrial partners, customers, and even competitors. This thinking begins at the top of a company. This is where the corporate culture of innovation that we've all been talking about comes in. Every positive and long-lasting change begins within, and this one is no exception.
We must cooperate internally in order to attain exterior cooperation.
So, let's get to our primary topic, which is how a company innovates (innovation) and collaborates (participation), starting with its own business operations and ending with management practises.
What happens when a massive corporation with various lines of business that operate in stark contrast to one another joins forces to develop something altogether new? Do they, above all, include the client in the process? This appears to be a job even on paper.
But that is precisely why we are here, and innovation is fueled by people eager to take on these difficult tasks and make them a reality.
At DenizBank, we developed this vital function. Since its inception, one of our organization's most fundamental values has been unorganised cooperation inside the company. We're excited to collaborate with third-party partners and ourselves to provide unique value. This strategy boosts the value of ecosystem banking and, more crucially, internal strength.
Limiting the number of participating lines of business for better control and growth is one of the most common expectations in internal (internal) collaboration. However, my experience has shown me that four aspects are equally crucial in a project's success: diversity, trust, a shared purpose, and focus.
Diversity and trust aren't mentioned as a general criterion in academic or business writings regarding corporate innovation and internal collaboration.
An outsider who offers a completely fresh viewpoint to a project while also knowing everything there is to know about your company's culture and strategic approach is a priceless asset.
Innovation also requires a high level of client sensitivity. Remember that every customer connection you miss means you're missing out on working with a valued partner. Customers are an organization's biggest source of inspiration and innovation.
Customers and businesses may now interact more easily than ever before because to digitization. Throughout the day, company social media accounts and other communication channels receive a deluge of product-related communications.
These messages are: It can be nice, negative, or ugly, but the most important thing is to always listen to clients and ask questions when necessary. When a client believes that their ideas and feedback are respected, they are more eager to join and collaborate, and you begin to seek out to people who want to help you rather than detractors.
We can't persuade our clients to sit next to us on a project in reality. However, owing to digitization, their feedback and ideas have brought them closer to us.
We are all consumers in our daily lives, for the most part. We understand the feelings and desires of a mistreated and unhappy customer.
So, why not put on our business hats and think like our customers, using their important feedback to drive innovation? Why not have our relationship managers represent their clients when they communicate with them? In a nutshell, collaboration begins within an organisation.