To "innovate," we don't necessarily have to scrap yesterday's model and start from scratch each year. The goal, instead, is to aim for consistent improvement Innovate or die. We hear that mantra many times over in our careers as senior-level financial executives, don't we? Certainly some leaders at our companies and organizations call for "new" models of products and services on an annual basis, ostensibly to build ever-higher sales to existing and new customers and clients.
But, does "new" always equate to "innovation"? Or, does "innovation" imply a higher calling to us? And, do we, as senior-level financial executives, see a role for "innovation" in our own spheres of influence within the finance function (or, for many of our retired members, within the audit committee) and beyond?
Here is how I define innovation: Any positive change or doing something like nothing done or experienced before can be innovation. Being innovative in your business is one of the keys to being successful. Innovation is being creative, having more efficient work processes, or saving time and money--all of which can help drive results.
What does innovation mean to you? Let's take a few minutes and ponder that. I'd be interested in hearing how you apply innovation on the ground in your role as a financial executive, and any suggestions you have for FEI. The floor is yours.
Disruptive Change: Good, or Bad?
Innovation can bring change, ranging from new packaging design, to adjustments that may involve complex enterprise application landscapes. This kind of alteration or change potentially introduces a great deal of technology risk because a company's business could be disrupted if things don't work as planned.
Innovation is the key to a company's future, but it must be reliable to the day-to-day operations or it could affect a company's reputation. As we know from the economic downturn, when reputational...