Digital Transformation vs Corporate Innovation
In recent years, it is common for corporate entrepreneurs across industries to find themselves struggling with abrupt changes. These changes range from digitalization and evolving customer expectations to the popularization of new marketing channels. It becomes critically important for business owners to seek solutions to maintain the relevance of their companies.
After nearly a decade of assisting corporate leaders in navigating the waters of innovation, at Rokk3r, we have found that two necessary conditions lead to the successful exploration of these solutions. First, there must be an identification and agreement on the need and type of change or transformation and what it means for the business. Second, there is a need for the structure and execution of specific initiatives to ensure success.
Regarding the first condition, change is the only constant, and now more than ever, it has become a necessity. However, two terms that best encompass these needs, "digital transformation" and "corporate innovation," are often confused or used interchangeably when they are not.
Digital Transformation refers to the process by which a company implements technologies into its existing processes and structures. Goals may include opening new channels, improving efficiency, or reducing costs. Examples include enabling digital sales channels or "e-commerce" and the famous "omnichannel" approach, as well as process automation and the implementation of artificial intelligence. Digital transformation projects directly impact the company's existing operations and must be developed in collaboration with the affected areas. Considering technological advances and their impact on business-consumer interactions, digital transformation should be a significant priority for any business, requiring constant efforts. The depth and intelligence with which it is implemented can undoubtedly provide significant competitive advantages, particularly in industries traditionally slow to adopt new technologies.
On the other hand, corporate innovation is not necessarily tied to the current business, operations, products, or services of the company. When innovating, we can rethink or develop new value propositions that translate into products and services different from the traditional ones. Due to its broad nature and being an inherently creative process, implementing innovation within existing companies tends to be a greater challenge. However, when well-executed, corporate innovation is the necessary balm to revitalize any business and maintain relevance in a rapidly changing world. Well-executed corporate innovation can be thought of as a value multiplier and a defense "against the future.
At Rokk3r, we firmly believe that corporate innovation, alongside exponential technologies, is the most powerful way to transform businesses, industries, and, why not, society.
While there is much literature on the definitions of these terms, and it is advisable to read it, at the end of the day, it is essential to have a clear understanding of the goals and then focus on the second condition, execution, to achieve the desired impact.
A successful Digital Transformation strategy generally begins with an assessment of the current state of the company, focusing on gaining a clear understanding of the areas where transformation should be a priority and what can be expected as a result (gains in efficiency, customer understanding, among others). Various services and products with different approaches are available in the market. However, we find that the most crucial aspect is to have a clear yet flexible roadmap, along with active involvement and seamless communication between business areas to achieve success. In the end, there are many ways to achieve successful transformation, and not all solutions are ideal for every company, but in all cases, achieving total alignment of the organization around the initiatives to be implemented is crucial.
As for the execution of corporate innovation, Rokk3r has specialized in developing a repeatable process based on a methodology and infrastructure that enables companies of all sizes to innovate, mitigating risk and substantially increasing execution speed. Key components include a focus on solutions that can leverage the competitive advantages of our partners and clients, an iterative process of product development and incremental marketing strategies, constant market validation, and management frameworks specifically designed to navigate uncertainty and inherent risks in these initiatives. All of this, combined with a team of experienced professionals with deep knowledge in technology and digital businesses, formed with the sole purpose of making corporate innovation possible, makes us the ideal partner for those looking to reinvent themselves for the future.
If you are planning your corporate innovation strategy contact us at info@rokk3r.com to learn how Rokk3r could help you navigate the path of innovation with ease.
