2024: A Corporate Innovation Odyssey

By Ludwig Melik, HYPE Innovation |  November 27, 2023

In the annals of technological evolution, we find ourselves at a juncture akin to the iconic film “2001: A Space Odyssey.” Just as the monolith in Stanley Kubrick’s masterpiece symbolized a leap in human evolution, Artificial Intelligence (AI) stands as a monumental force poised to reshape how we live, work, and interact with machines. 2024 beckons us to embark on our own odyssey, a transformative voyage into the heart of corporate innovation. As we peer into the abyss of AI’s limitless potential, we must equip ourselves not only with agility but with structured methodologies, visionary strategies, and a commitment to professional standards.

Ludwig Melik, CEO, Planbox

While agility has long been hailed as the answer to rapidly changing business landscapes, it’s time to recognize that being agile alone is no longer enough to navigate the challenges of the corporate innovation odyssey in 2024. In the past, agility served as a lifeline, allowing organizations to pivot quickly in response to unforeseen disruptions. However, the innovation environment has evolved to a point where agility must be coupled with structure and strategy. Simply being reactive and adaptable doesn’t provide the depth and foresight required to thrive in a world where the pace of change is ever-accelerating.

Reflecting on the Innovation Journey

As we embark on this corporate innovation odyssey, it is imperative to retrace our steps and contemplate where we’ve been and where we need to go. Traditionally, innovation has often been perceived as a chaotic realm, characterized by its lack of structure and recognition. It’s a realm where investments are challenging to account for, and the decision of which projects to fund or cut seems almost arbitrary.

In 2024, it’s time to redefine the role of innovation within organizations. No longer can it be an isolated entity; it must be intricately woven into the very fabric of the company’s strategy, vision, and policy.

AI can be a powerful ally in our quest for corporate innovation excellence. Nevertheless, to harness these capabilities, we must lay a strong foundation of data for AI to work effectively.

Resources, Methodologies, and Approaches

It’s vital to ascertain whether we possess the right resources, software, methodologies, and approaches to propel us into the future. The emergence of Artificial Intelligence (AI) has reshaped the innovation landscape. Unlike innovations of the past that took decades to mature, AI evolves at lightning speed, and it’s essential to integrate it seamlessly into our innovation practices.

AI can be a powerful ally in our quest for corporate innovation excellence. It can categorize ideas, summarize concepts, analyze sentiment, foster collaboration, and predict the success of ideas. Nevertheless, to harness these capabilities, we must lay a strong foundation of data for AI to work effectively.

The Right Metrics and Alignment

It is paramount to reevaluate our metrics and alignment. The conventional metrics often fall short in capturing the true impact of innovation. We must adapt our metrics to measure value generation, customer satisfaction, and long-term competitiveness accurately.

Furthermore, corporate innovation cannot be a solitary endeavor; it should be deeply entwined with the broader organizational priorities and initiatives. It’s time to move past viewing innovation as a side project and recognize it as a central driver of our business’s success.

Leaving Behind the Past

As we journey into 2024, it’s crucial to identify what we should leave behind in 2023. One aspect that should remain in the past is the perception of innovation as a chaotic, disjointed process. We must replace the era of ‘innovation as madness’ with a structured, purpose-driven approach.

Resolutions for 2024

What resolutions should innovation teams adopt in 2024? A significant resolution is the professionalization of innovation. Regrettably, innovation teams and programs often go unnoticed or underappreciated. However, ISO 56001 offers a framework to standardize and professionalize innovation practices. This framework rooted in the Plan-Do-Check-Act cycle by Dr William Edwards Deming, empowers organizations to systematically measure and enhance their innovation endeavors. PDCA embodies the scientific method central to all ISO standards, offering the same rigor and reliability to the innovation standard as it does to those for quality, information security, environmental management, and occupational health and safety.

The seven elements of ISO 56001, which include Context of the Organization, Leadership, Planning, Support, Operation, Performance Evaluation, and Improvement, chart a course for building a disciplined and predictable innovation program.

Becoming Future-Fit

In the face of this disjointed and agile landscape, we must adopt a future-fit mindset that redefines the way we approach work. Future-fit organizations transcend the traditional Agile methodology by embracing a relentless focus on driving paradigm shifts, using principles as their guiding light to shape their world. Unlike the reactive nature of Agile, future-fit values encourage organizations to predict and adapt to change proactively. Forrester’s The State Of Future-Fit Technology Strategy, 2022 report found that companies with a future-fit tech strategy grew revenue 1.8 times faster than their peers. This approach enables them to anticipate the next evolution of innovation, moving beyond the constraints of the Agile Manifesto to navigate the ever-evolving landscape more effectively and with a broader perspective.

The AI Revolution

In 2024, the spotlight shines on the AI revolution. AI isn’t merely another verse in the innovation song; it’s the symphony of 2024. AI is not a fleeting trend but a transformative force that continually evolves at an astonishing pace. Innovators must recognize that AI isn’t a threat but a valuable tool to augment their work. 

As AI edges closer to surpassing human intelligence, innovation teams must lead with AI, integrating it comprehensively into every aspect of their work. AI’s ability to analyze vast datasets, identify patterns, and make predictions can be harnessed to prioritize ideas and allocate resources more effectively.

Navigating Corporate Innovation in 2024

In 2024, organizations must act decisively to thrive in an AI-driven corporate innovation landscape:

  • AI Integration: Make AI an integral part of your innovation strategy.
  • Cross-Collaboration: Encourage interdisciplinary teamwork for creative breakthroughs.
  • Professionalize Innovation: Certify and apply ISO 56001‘s PDCA framework.
  • Data-Driven Decisions: Leverage data and AI analytics, using ISO 56006 for best practices in data utilization.
  • Future-Fit Culture: Cultivate adaptability and principled thinking.
  • Continuous Learning: Invest in skills and foster a learning culture.
  • Metrics Realignment: Ensure metrics align with strategic priorities.
  • Strategic Partnerships: Collaborate externally for fresh insights, following ISO 56003’s guidelines on partnership management.

These actions will guide organizations through their innovation journey with confidence and purpose.

The Road Ahead

As we embark on the corporate innovation odyssey in 2024, we must bid farewell to the disjointed, chaotic approach of the past and embrace a structured, data-driven future. Organizations must recognize the pivotal role of AI in their innovation endeavors and professionalize their programs using standards like ISO 56001.

Welcome to the machine, where innovation is structured, data-driven, and poised to lead us into a new era of possibilities. To paraphrase “2001: A Space Odyssey”, as we navigate this ever-evolving landscape, our future truly lies in our own hands. By aligning our innovation agenda with strategic priorities, integrating AI seamlessly, and adhering to professional standards, we can ensure that innovation remains the cornerstone of our future success.

Ludwig Melik is the CEO at Planbox, and author of the Future-Fit Manifesto. He helps organizations build a sustainable culture of innovation that aligns with ISO 56002 Guidance Standard for Innovation Management Systems.