RISE is a Corporate Innovation Powerhouse based out of Southeast Asia. With a mission to lift up 1 percent of GDP of the region, it works closely with Fortune 500, large family businesses, and government agencies to help set up and scale innovation initiatives from both outside and inside organizations.
Dr. Kid Parchariyanon, CEO and Co-founder of RISE, reveals that from his research, around 83 percent of organizations say they realize the importance of change. Despite these figures, corporations face significant challenges throughout their innovation journey, since creating real change is a long process, with each and every industry having their own unique pathway, knowledge and skillsets.
In addition to this, and perhaps more widely, each organization has a different budget, with access to different types of resources remaining varied. Whereas 91 percent of Southeast Asian organizations have been developing a corporate innovation plan, most of them are still failing to experience the benefits of transforming ways of doing things and the issues of not being able to scale or expand the results of innovation further. This is followed by the uncertainty surrounding the direction organizations should take to reach their innovation goals.
Knowing where you are and where to go next is the key. Corporates need navigation.
Speaking about the need for larger businesses to be able to navigate their way through innovation, Dr. Kid Parchariyanon says:
“Never before has innovation been so important as we adapt to a post-pandemic world, one that aims to help Asia recover GDP. RISE aims to help organizations accelerate their innovation development and creation to reach their goals, with clear results and sustainable business values. To help corporates assess what stage they are at in terms of innovation and to help avoid confusion and uncertainty, we developed a Corporate Innovation Maturity Model to help organisations measure the level of transformation each corporation is currently undergoing in order to help define and set working plans and guidelines to drive the plan for change in the right direction.”
Dr. Kid also adds that, from his years of experience working in corporate innovation, there are typically five stages to corporate innovation maturity:
- The first, Newcomer level is when the organization realizes the importance of innovation to business, but lacks a plan or goal.
- The second, called the Explorer level is when an organization is aware of the importance of innovation and has a plan for development, but has not yet readied itself for the thinking process, or mindset, and skills of their personnel in creating innovations.
- Challenger level is made up of corporations that have a plan and personnel with the mindset of creating innovation, but still lack the skills in creating real innovations with real results.
- Practitioner level is an organization that is able to create corporate innovations but has not yet seen clear results or benefits of their innovations.
- Lastly, Champion level is an organization that has created successful corporate innovation, with clear and objective results, which should follow by building a sustainable business model arising from the innovation.
People and technology are equally crucial with every innovation journey
A study from 400 companies in Southeast Asia shows that about 46 percent of organizations are in the Explorer level of corporate innovation, while about 28 percent are in the Challenger level.
This shows that even though most of the organizations see the significance of creating corporate innovation, they still encounter the challenges of implementing and adjusting the strategies that will create truly successful innovations with clear outcomes.
Dr. Kid often helps point out crucial factors that affect the level of corporate innovation, which are People Attributes and Technology Attributes. These are the tools that help organizations to create innovations that allow them to leap forward to success. People Attributes consist of three components: Leadership, Team Capability, and Organizational Process, while Technology Attributes consist of three components: Ecosystem, Tools, and Data, which all indicate the growth of corporate innovation.
Speaking about the value innovation provides to Asian businesses, Dr.Kid says:
“A successful corporate innovation will provide organization with products, services, and new business opportunities that will create tremendous value to the organization. It can be said that corporate innovation is one of the most important factors that organization should focus on, especially in a digital disruption era. RISE aims to support organizations by introducing the Corporate Innovation Maturity Model to help guide organizations on the right track to create the correct innovations that are suitable for each organization’s level of growth. This is to accelerate the level of competitiveness towards regions and create sustainable growth for organizations who are on a mission to reach a position of stability again as soon as possible.”
Corporates who remain unsure as to what stage of innovation they are at can visit riseaccel.com/cimm to take a free assessment.
Nattamon Banterng is the Regional Marketing Manager, RISE.
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