Enterprise level innovation is the practice of looking beyond the organization’s R&D systems and past its discrete departments, to connect with global collaborators and improve business agility. This practice harnesses the benefits of open innovation to achieve specific enterprise-level goals.
Why Enterprise Level Innovation (ELI) Matters
The lifespan of large, successful companies is shrinking, and this trend is expected to continue. In 1965, the corporate lifespan of those listed on the S&P 500 was 33 years. By 1990, it shrank to 20 years, and it’s expected to drop to 14 years by 2026. Some of this change is due to mergers and bankruptcies, but a leading cause is market disrupters and innovators. This is a stark reminder of a simple truth: A company will not enjoy longevity in the marketplace without reinventing itself. The reason most businesses fail at this process is that they are not built for delivery or business agility, and simply cannot respond fast enough to drive product development and disruption.
ELI and Open Innovation
To assure ongoing success, a company must deliver amazing products quickly and in response to current consumer demands. To achieve these goals, open innovation must move beyond a once-in-a-while activity to an integrated process that allows you to collaborate with the best and brightest on a daily basis. This deep integration of open innovation and organizational operations is vital to true ELI, which is the best path to corporate relevancy and longevity.
Integrating ELI and Open Innovation
Today’s enterprises must shift their mindset from mine to ours, forming partnerships with collaborators who can help achieve true market responsiveness. This process starts with shifting corporate culture to support collaboration and the open innovation process. This requires breaking down old the structure of work silos and discrete activities, and replace it with an open model that is focused on delivering consumer-demanded products and services. Companies should also use open innovation to develop disruptive products and services which will automatically establish them as market leaders.
Achieving true Enterprise Level Integration is not easy, but it is necessary to ongoing success. Ezassi’s Open Innovation Management Software Solution provides the framework for effective OI that allows our users achieve enterprise level innovation. Contact us to learn how we can help you integrate open innovation into your operations, driving a cultural shift necessary to support true Enterprise Level Integration.