Organisational Innovation: Five Stages of Thinking For Good Businesses

Categories of Adopters in 2024: 

To stay at the forefront of innovation, organisations need to understand and target early adopters or majority markets. This strategy allows companies to mitigate risks and maximise rewards. In 2024, technologies like AI, IoT, and Extended Reality (XR) are not just buzzwords but essential tools reshaping the business landscape. Choosing technologies that align with business goals has become crucial for long-term competitiveness. 

 The Five-Step Business Model Innovation Process: 

Business model innovation in 2024 continues to emphasise a comprehensive five-step process, especially using tools like the Business Model Canvas. The steps involve: 

1. Understanding the Existing Business Model: Capture the current model to provide a baseline and identify key value propositions. 

2. Assessing Business Model Performance: Map performance metrics onto the canvas, focusing on corporate and business model-specific performance. 

3. Recognising Market Threats & Disruptions: Apply various tests to understand potential market disruptions and failures. 

4. Addressing Change Makers & Structural Resistance: Identify areas within the business model that are open to change and those that are resistant, increasing the likelihood of successful innovation. 

5. Implementing Business Model Innovation: Develop new models based on the situational analysis from the previous steps, which can then be tested

and scaled. 

Traditional vs. Modern Innovation Models: 

In 2024, innovation integrates both traditional and modern methods. Companies are adopting acquisitions, joint ventures, innovation labs, hackathons, and intrapreneurship programs to accelerate in-house innovation. For example, Alibaba’s acquisition of startups and its investment in innovation labs highlights the blend of traditional and modern innovation practices to stay ahead in the market. 

Technological Alignment for Strategic Growth: 

The rapid pace of technological change necessitates that companies select technologies aligning with their business strategies. Technologies like AI, Machine Learning (ML), IoT, and XR are top contenders in reshaping industries and customer experiences. Aligning these technologies with strategic goals enables businesses to leverage their full potential for growth. 

Collaborative Innovation Ecosystems: 

Modern innovation strategies emphasise collaboration within an ecosystem, involving employees, external innovators, startups, and partners. This ecosystem approach fosters sustainable and continuous development of products and services. A culture of innovation that includes both internal and external actors is more likely to succeed, driving long-term growth and competitive advantage. 
 

By integrating these practices into the innovation process, businesses can navigate the complex and dynamic landscape of technological advancements and market changes in 2024.