Innovation Culture’s New Reality

2 minute read
2 minute read

Innovation culture is changing. Consumers’ preferences, the way we communicate, and the way we exchange value are entering new horizons. How companies approach innovation has shifted as well.

The new reality is that innovation within organizations is no longer a singular discipline. Instead, it involves creating synergies, approaches, and skillsets. Innovation can be thought of as core, adjacent, and transformational, with specific tools to be leveraged depending on the category to achieve more meaningful outcomes.

Izabela Nanushi, Innovation Director at Interac Corp., is responsible for understanding transformational innovation, its effects, and its implications. Recently, Izabela spoke with the When Spreadsheets Hit The Fan Podcast to share some insight on the process Interac uses to grapple with uncertain futures.

“Starting with the long-term perspective, at Interac we use a specific planning-oriented discipline called strategic foresight. Strategic foresight takes a time horizon of at least 10 years out, and it seeks to anticipates trends, risks, and the drivers of change and to proactively identify the implications and opportunities stemming from them and tie it into the organization’s long-term direction and strategic planning”, she says.

Beginning with that starting point results in a different outcome than starting with core/product innovation.

“With product innovation, you start with the customer – what is their problem, what are they trying to solve? Once that’s been stated, then look internally and say – why is your company best positioned to solve that problem? What are your specific competitive advantages? You have this specific conversation at the leadership level, gain alignment there and then talk about an action plan and how to build for innovation internally.”

Matching the type of innovation with the appropriate tool kit is critical to maximizing results.

How can you leverage the shift in innovation culture at your own organization? Listen to Izabela’s insights about Interac’s approach below:

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