Why Do You Need To Embed An Innovative Mindset Within Your Cloud Business?

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Why Do You Need To Embed An Innovative Mindset Within Your Cloud Business?

Innovation is vital for every business if it wants to remain relevant and be sustainable in the long run. For Cloud businesses, innovation should be part of the culture of the organization and not be solely a management responsibility.  

Why is Innovation Important? 

Innovation will differentiate a company from the competition. Taking an innovative based approach allows them to dig into what matters to customers and how to assist them in maximizing their business. 

Migrating to the Cloud is a key step in allowing businesses to become more innovative. It helps different businesses to try out new technologies and adopt agile methodologies.  For example for Independent Software Vendors (ISV’s) it is paramount to gaining and maintaining a competitive advantage. An innovative company will develop leading solutions and therefore a strong USP to attract new customers. It will also keep evolving their offering to retain these customers.  

For Cloud businesses in the commercial & public sector embedding an innovative mindset will allow them to better engage with their customers by looking at the ways they can help their customers and position themselves as key technical leaders.  

As well as being innovative with the services and solutions being developed, embedding an innovative mindset within a Cloud business will lead to improvements to internal operations as well. This mindset will encourage teams to look for new approaches to problems and how they can leverage technology to advance all areas of the business.  

Regardless of the type of Cloud services being provided, innovation is essential-in a constantly changing digital world, it’s critical to stay current and explore new possibilities within Cloud technologies. 

Who is responsible for leading innovation? 

CTOs and CIOs are responsible for a firm’s technology and by default the role of innovation Is assumed to lie with them. However, this should not be the case, innovation should be led by all employees in a company.  

Companies need to foster innovation within teams and make this part of the company culture.  Internal teams will be able to spot opportunities before their end customers and support them with leveraging new solutions. It will provide a fresh perspective when reviewing customer data, insights and feedback to identify problems and build innovative solutions.

To embed an innovative mindset within the company all teams should consider innovation as part of their daily work, but human resources often play a larger role. They should be considering this when looking for the best talent and hiring people who already have an innovative mindset ingrained in their management style. Furthermore, human resources should encourage and provide support, training, and opportunities for current team members to ensure that they are growing and enhancing their knowledge and skills to support the overall development of the company. 

Some companies dedicate an entire teams and departments to innovation. These teams work to innovation KPIs and even without a dedicated team companies should consider these KPIs for key areas in the business. KPIs can be a measure of the number of new ideas, tests developed, projects and new processes discovered. These are not focused on success rates, but on a desire to encourage new ways of thinking. 

Developing a Cloud Centre of Excellence (CCoE) within the business can play an important role in the development of an innovative mindset within a company. The CCoE should be responsible for leading cloud innovation and making sure it is ingrained in the culture of any company. 

There have been numerous innovative advancements prompted by emerging technologies and accessibility. Moving forward, we will see more AI, quantum computing, and other advanced tools that will help define businesses and differentiate themselves from the competition. By embedding innovation within existing teams businesses are better placed to adopt these new technologies and become market leaders. 

Subtitle

The massive uncertainty around COVID-19 has fixed some companies—and managers—in place, making them unable to react quickly to the changes affecting their business. But for others, it’s been a catalyst for change and an opportunity to gain new insights about their customers’ needs and to demonstrate their agility to adapt and grow.

One leader who has adopted the latter approach is Keith Choy, the head of the Asia–Pacific unit of GlaxoSmithKline’s (GSK) Consumer Healthcare group. Choy is encouraging his team of 6,000 people to consider the pandemic a call to action, a chance to double down on existing digitalization initiatives and strengthen end-to-end supply chains to even better respond to emerging consumption trends across the 23 Asia–Pacific markets the company serves. All while speeding up the cadence of the company.

In October, Choy spoke with McKinsey’s Kenneth Bonheure and David Schwartz to describe how GSK is responding to COVID-19, how the company is guided by its values, and what global companies can do to succeed in Asia during COVID-19 and beyond.

The Quarterly: Describe the business environment right now. What are you seeing? What are you focusing on?

In October, Choy spoke with McKinsey’s Kenneth Bonheure and David Schwartz to describe how GSK is responding to COVID-19, how the company is guided by its values, and what global companies can do to succeed in Asia during COVID-19 and beyond.

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