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Shaping Business Innovation Strategy in Asia

Shaping Business Innovation Strategy in Asia

Despite the conservative history of Asia, those who are experiencing the culture for the first time whether in a business or social setting should not get discouraged: innovation can happen.

Focus on Business Strategy

To start, innovation should focus on things that really bring results and value. By focusing your business innovations in Asia on things that contribute to the bottom line, a company is able to make small gains and win confidence with stakeholders and employees. Speaking of employees, businesses should make an effort to include them in the process. Issues related to innovation shouldn’t be hidden behind a board room door. Instead, they should be brought to the forefront of team meetings so that employees can feel their own needs or frustrations are being heard. Additionally, including employees in the process can lead to exciting new ideas and processes that managers may not have thought of before.

Taking a conservative approach with a conservative culture is key to the strategy of business innovation. Businesses should take care not to take on too much too soon. Any introduction of innovations should be gradual as well as any change to already existing innovations. It’s a good idea to introduce pilot projects to gain confidence from employees and to also make sure the innovation is a part of the already established business plan.

Focus on a Strategy for Asia Innovation

Ideas and innovations should be tracked by key metrics: ideas generated, implemented, and their financial value to the bottom line. By doing this, you are giving real-world information to each team responsible for the innovations, allowing them to make adjustments as needed. A strategy that many businesses ignore is the reward or recognition for innovators. Acknowledgement of good work is a motivator that rarely fails. If individual recognition does not align with already established business practices, an annual awards or recognition ceremony can be an alternative. Each of these ideas also allows the business leaders to focus on innovators who may be well-equipped to take a leadership role in the future.

Establishing an Asian Innovation Culture

Providing a business culture where new ideas and innovations are welcomed instead of feared can be a major motivator for employee acceptance. When employees and managers are confident that their innovations will be taken seriously by upper level management, they are more likely to continue to contribute by voicing their opinions and providing ideas. Although there are key innovators at each company each employee must take on a role as a part-time innovator.

Innovation must start by managers being behind the idea. If those talking to employees on a daily basis do not have buy-in to the idea of introducing new innovations, employees will notice and innovation will die before it begins. An even better show of real faith in new innovations is the investment that the business is willing to make. By showing that they’re willing to take an acceptable financial risk, businesses prove that they take innovating seriously.

By focusing on the future of the company by its successful innovations, a business can live the future they want to create and deal with the challenges that come from doing business in an Asian Innovation culture.

Sources: 1, 2