How an innovation incubator can keep companies ahead of the curve
We all know the promise that digital innovation holds in business, but sustaining that innovation can present a major challenge. According to CEO surveys by PricewaterhouseCoopers, 71% of global CEOs say digital technologies are creating “very high value” or “quite high value” for their organizations in relation to their ability to innovate, but 24% feel they don’t have enough information about what customers or other stakeholders want.
Mindtree’s success in sustained digital innovation comes from our focus on four fundamental pillars:
- Creating digital customer experiences that befit a digital society
- Digitizing a business’ entire value chain for faster turnaround cycles, better product and service availability, and more cost-effective operations
- Building sense-and-respond systems that provide enterprises with insights that help them make decisions and enhance their adaptability
- Helping companies shape innovative new business models that drive new growth
For any digital project, it is important to start with the client’s desired business outcome, work backwards to the existing IT systems and find the smartest, most efficient way to make digital transformation real. It’s a six-step process that incorporates some of the fundamentals of design thinking, which we see as a key enabler for digital innovation and business transformation.
6 steps to innovation
- Separate the business solution from the technology to eliminate the inefficiencies and costs of developing solutions in search of problems.
- Base the approach and the solution on how the client defines its business problems, which may mean reusing previously engineered solutions, or finding ways to look at business problems in different contexts and from different perspectives.
- Foster limitless ideation in order to produce all possible solutions. Don’t only look for a solution or the solution. Approach the problem pragmatically from as many angles as possible to develop multiple potential solutions.
- The client is the key, through active participation and prioritization of the best ideas. Having the client’s key stakeholders help to determine what will work for their needs is a necessary part of every engagement, especially one as strategic as digital transformation.
- Leverage prototyping of the selected ideas. Begin with an idea that is built around direct client input, vetted with client involvement, and then leveraged across multiple areas of the enterprise.
- Determine and then use the most effective technologies to execute and test the prototype. Mindtree does not promote a “one size fits all” or “we always do it this way” approach.
Mindtree’s innovation incubator: The Digital Pumpkin
Earlier this year, we were honored to host analysts from consulting firm Information Services Group (ISG), a leading technology insights, market intelligence and advisory services company. They came to visit the Digital Pumpkin and gain an understanding of how it fits into our client engagements and what makes it a crucial part of our workflow.
ISG’s recently released report on that visit, “Briefing Notes – Mindtree Fuses Design Thinking via Its ‘Digital Pumpkin,’” is a compelling read that points out how these six steps closely align with the principles of design thinking, which we see as a key enabler for digital innovation and business transformation. It also notes that the Digital Pumpkin serves as a key differentiator in the digital consulting landscape, one that provides strong client engagement positioning.