Real life experience demonstrates that timing in introducing new product or service represents a critical success factor.  Reflecting on the outcome of the business strategy assignments, management research, and innovation experience in a number of leading edge products and e-commerce/e-business projects,  we identified a number of 'when' factors for innovation which exert significant influence on the successful outcome or otherwise of an innovation attempt. The following is a brief summary.

#1: Assessing the Impact of Emerging Technology and its Stage in the Innovation Lifecycle Process

The arrival of new technologies and development methodologies usually provide opportunity for innovation. However, the success of any attempt to innovate new business product/service at a specific time is found to be heavily dependent on the importance of the emergent technology, the technology adoption lifecycle stage involved, and its impact on the readiness of both internal as well as external key stakeholders.

We believe there is a right time to do this in managerial decision making process to embark on innovation project. This include process to determine the impact of emerging technology and a greater appreciation and understanding of various Innovation or Technology Adoption Lifecycle Process models. Two well-known models are presented here for illustration purpose.

The classic Innovation Life Cycle Process is represented as a 'S-curve' technology and product adoption lifecycle model. This lifecycle has four distinct stages from 'entry', 'growth', 'maturity' and finally to 'decline' as the gains provided by the introduction of new product eventually level out and the product as well as its technology eventually tail off (Foster 1986). Findings from many research studies strongly suggest that it pays to be an aggressive innovator claiming the first or second-mover advantages (Bates & Flynn 1995; Foster 1986). One way to attain this advantage is to look for discontinuity in innovation jumps into the beginning part of the next emerging product/service 'S-curve' innovation and product adoption lifecycle process.

The above diagram illustrates that organisation should start innovate at 'point A' of the S-curve in order to be able to introduce new profitable product/service before their current revenue based on cash-cow product/service diminishes due to increasing competition in the maturing segment of the market.

In today's highly competitive and uncertain business environment, we believe innovation represents the driving force that will propel organisation toward excellence and a profitable future. However, the 'S-curve' technology adoption lifecycle does not simply imply a smooth transition of phases. In fact, there are different hurdles to be bridged at each stage of the technology adoption lifecycle phase. Therefore different strategy and process will be needed when we attempt to create innovative product/service at a specific stage of the technology lifecycle. 

Others such as Gartner proposed a maturity view of emerging technology using  a Hype Cycle model. 

The concept of Hype Cycle views every technology and new idea as being subjected to distinct phases in its progress from its first introduction to widespread market adoption. In this model there are five distinct categories that occur in the emergence of any new technology where the cycle quickly move from the initial announcement of technology breakthrough trigger to the 'Peak of Inflated Expectations' represented by a flurry of publicized activity by technology leaders. However, the technology quickly falls out of favour and the press abandons the topic as the technology did not live up to its over-inflated expectations. The bad news causes an overly negative backlash into the 'Trough of Disillusionment' until the real-world benefits of the technology are demonstrated and accepted. 

It is important to recognise the strategic implication in the different views presented by each of these models. This is because no model is perfect representation of the real thing but it sheds sufficient light on certain perspective of the real thing that can give us an advantage in understanding the issues involved and hence develop the know-how to act upon it. Some of the checklist that we use to determine the maturity and readiness to embark on the innovation journey are:

• Entrance Timing: Which technology will overcome adoption barrier appropriate to the level of entrance targeted in our strategy plan. Are we aiming at the innovator, earlier adopter or early majority stage of the market?
• Relative Advantage: How is this innovation or technology better? How is it better and can we quantify it?
• Compatibility: How is this innovation or technology different from the one it is replacing? What are their compatibility features in benefits, technology, people, methodology, process, tools and environment?
• Complexity: How difficult it is to understand the technology and its implications? Is the methodology, process and tools to use it available and demonstrated to be productive?
• Test and Trial: Is the Proof-of-Technology project possible? How difficult and costly is it likely to be? What is the time-window constraint?
• Prove: Can the features and benefits observable and verifiable? Most important of all is it quantifiable?

#2 Get it Right First with a Robust Business Case

The existence of good planning usually precede achievement. Therefore the preparation of a robust Business Case will provide a good starting point for the innovation journey. This is because the robustness of a Business Case increases the ability for the innovation project team to deliver the new product/service as and when needed.

A robust Business Case should exhibit the following characteristics:

• Clear vision statement on the goal to be achieved

• Conducted assessment on the stage of the Technology Adoption lifecycle and determine the maturity and readiness to embark on the innovation journey

• Identify the strategy needed to overcome specific hurdle in adopting the new technology, process involved and provide specific details on the development roadmap

• Requirement model that satisfy 'external' as well as 'internal' consistency checks

• Quantitative as well as qualitative assessment on the cost, benefits and risk mitigation strategy involved

#3 Leverage Business and Enterprise Architecture for Delivery

In the increasingly inter-connected and networked era of business environment, a change initiated in one area may have significant impact on another part of the organisation. Therefore we need to appreciate how business, operation and technical environment can affect or being impacted by our attempt to introduce new product/service or technology in one area of the business. The planning and risk mitigation activities to deliver the needed change will become more effective when we can identify and leverage existing assets and process in the business and enterprise architecture and align them with the business vision and the desired technology direction.

At the enterprise level there are a number of business events and their associated control that provides innovation opportunity for improving effectiveness and efficiency in handling business processing.

Summary

Today there is an ever greater reliance on the use of technology to realise many urgently required innovations in management, business process, product, and service. The key question is how can we reap the benefits offered by the advance in technology in the increasingly inter-connected and networked era of business environment? AND most of all the ability to deliver these products/services at as and when needed by the business.

Please consider that these concepts together with our approach will increase the likelihood of successful outcome in attempt to introduce new product/service or adopting new technology into the business environment.  Business Case is used appropriately can assist in the planning for the goal, timing and needed resources. The path toward the desired outcome can then be mapped out through the use of business architecture and development plan. 

A wise sage, Confucious said 'A thousand miles journey begins with the first step'. The first step now is to develop a robust Business Case that determines when an innovation is needed, what strategy, business requirement and development roadmap will enable us to achieve this goal. 

Pleasefor an obligation free discussion to find out how we can assist you to develop a robust Business Case on your next innovation attempt.

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