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With companies increasingly judged by the speed at which they can absorb change and push the envelope of what’s possible in their industries, enterprises are under enormous pressure to invest in initiatives that will define them as innovation leaders.

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But the constant and delicate balancing act between attempting to break new ground and fulfilling day-to-day business priorities is creating a sense of ‘innovation fatigue’ among business leaders. What are the forces behind this struggle? Is it even possible for a business to excel at both at once?��

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In this issue of Perspectives, ������ experts explain how organizations can identify and remove barriers to meaningful transformation, and create room to innovate for future growth while maintaining operational effectiveness on a day to day basis.��

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Organizational challenges are the main cause of innovation fatigue

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i. Defining innovation’s various dimensions

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Limiting the definition of innovation to lofty ambitions is often the fundamental reason for organizations’ disillusionment with their lack of progress. In fact, innovation in technology more often takes the form of a refinement or repositioning than the development of something totally new. Instead of exclusively pursuing big-picture, transformative innovations, building a portfolio of initiatives that span different innovation ‘horizons’ is often the path to becoming more competitive and delivering better outcomes.

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Defining innovation’s various dimensions

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ii. The foundation: Addressing the tech debt through a thin-slice approach

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The ‘tech debt’ companies accumulate due to legacy technology constraints often eats into financial and human resources that could otherwise have been diverted into innovation initiatives. Yet many companies - with some justification - see modernizing their tech infrastructure as a massive and potentially problematic undertaking. Adopting a ‘thin slice’ approach can help the organization transition more smoothly to innovation-ready infrastructure while minimizing disruption and upfront costs - and, crucially, making it easier for teams to embrace the change.

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iii. Various paths to a change-ready culture

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While infrastructure can impede an organization’s innovation strategy, talent challenges and flat-out fear of change are often the real roadblocks to progress. Selling people on the vision, getting the right kind of leadership in place, and building a culture that embraces learning from failure can all contribute to the development of an ingrained, company-wide innovation ecosystem.��

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iv. Governance and guardrails

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At its best innovation is based on spontaneity and creativity - yet a set of governance ‘guardrails’ is needed to ensure it contributes to the company’s overarching strategy. When deciding on innovation priorities, enterprises should be sensitive to customer feedback and industry trends, yet also brave enough to set their own direction. Data and measurement need to play a role in defining what progress and ROI really look like, and it’s increasingly vital that the definition of success incorporates security and sustainability, as well as financial considerations.

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v. Innovation ‘north stars’: Inspiring examples, but every company has to find its own����

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Without the burden of legacy tech, digitally-native organizations tend to have an advantage when it comes to innovation. However, even established companies with longer histories and aging infrastructure can be nimble when they adopt a failure-tolerant mindset and provide their people trust at scale. Innovation is connected deeply to the organization’s purpose and each business has to forge its own path - but truly impactful innovations will echo well beyond company and industry boundaries.

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