The business processes are constantly evolving with new inventions, technologies, trends, and more to follow. There is also increasing room and expectation for innovation in the workplace and the responsibility for creating better innovation practices always falls on the shoulders of leaders and executives. But will they be able to do it on their own? Therefore the entire organization needs to participate and encourage innovation.
Companies are focusing on building better work cultures and practices that shall enable employees to improve their competence and enhance their knowledge, and creative side. Especially after the pandemic when hybrid work sees a rise, senior teams are gearing up on revamping their organizational structures and practices to stay connected. Knowledge management, as an indispensable element in fostering innovation, has become ever significant for organizations to increase efficiency and stay competitive.
Organizational innovation may sound broad with the increasing adoption of artificial intelligence, big data, and other cutting-edge technologies. Organizations should keep in mind the key factors that drive internal innovation. According to Claus Raasted, Director at The College of Extraordinary Experiences & Coach at McKinsey, the 6 key factors to create better innovation are:
“Communication” has been talked about a lot but are employees aware of the correct way of communication, or the communication culture of a company? One employee could be humorous, one could be serious, one could be formal, and one could be informal—here there are chances of conflict that could hinder innovation. Along with learning the better way to communicate, the focus should also be on conflict management with effective communication. “The thing about culture is, if we don’t define it, it defines itself. If you don’t train people, if you don’t make them aware about it, instead of being diverse and empowering each other, they could clash. A bit of conflict is good, but it needs to be a conflict that could be managed,” said Raasted.
When it comes to innovating new ideas and technologies, there ought to be uncertain situations. Being open and keeping a flexible mindset can help a lot during unstable situations. Building connections and professional networks help us in crisis management. Moreover, keeping the mindset of “being ready for whatever comes” is more significant. The resilient professional ecosystems that you build along the way enable you to be a helping hand in stressful situations for others.
Different languages have different styles of representations for words and communication not to say the same language. Therefore, the correct use of language is crucial while professionals engage in a work environment. A “thank you” could be said in multiple ways and it could be comprehended in different ways, creating different impacts for innovation purposes.
Diversity of thought is one of the most important factors that drive innovation. When people come from different backgrounds, and wrt productive participation they tend to offer diverse ideas that can fuel innovation. Talking about gender neutrality, women still are underrepresented on boards and in higher corporate positions. Hence, achieving gender neutrality that could foster innovation has a long way to go, but creating platforms for the underrepresented to voice their opinion could be the stepping stone to success. “It is important to think about how we can use our network to really find a space for voicing and for getting through the ideas and making sure that everyone is heard in that space,” said, Elena Rodríguez Blanco, CEO, and Co-founder at Authenticitys.
Doing something you are good at for others for free reaps two benefits. You get better at what you do while others benefit from your skills, plus you achieve a sense of goodwill. You get to know yourself more when you try to help others and you build connections and different experiences along the way. Its value could not be compared to the bookish knowledge that we receive. “My advice to people is if you aren’t volunteering, start now. And if you volunteer little, do more. It’s not just good for you, good for the world, it’s also good for business,” said Raasted.
Through smart knowledge management mechanisms, companies can work collaboratively and internalize innovations. With the increasing amount of availability of knowledge in the workplace, there are concerns about the knowledge being unorganized and misused. Efficient knowledge management ensures that internal knowledge is managed effectively and efficiently for organizations’ long-term benefits. Especially looking at the current hybrid work model, knowledge management enables employees to solve their doubts from the right set of people at a quicker pace. An effective knowledge management network should emphasize people and it allows whatever data is created or generated to be stored in one place where other teammates can also collaborate.
Knowledge management enables the sharing and codification of tacit knowledge which is critical for organizations' innovation capability. In the midst of a hybrid work mode, companies are urged to build up an internal knowledge hub that allows employees to easily access insights, be more interactive among team members and share each other's knowledge while saving time for brewing ideas. When there is a structured flow of knowledge within organizations, time and cost could be saved while innovations are encouraged.
Having an efficient knowledge management system within your organization can facilitate the sharing of information and speed up access to knowledge which improves productivity. Assorted tools are been used by organizations nowadays to manage knowledge while it’s always easy to forget the core of knowledge management—people. As a pioneer in powering the new knowledge economy, Lynk unveiled the latest solution Lynk Circle, an AI-driven knowledge management platform designed for businesses and organizations to be able to seek, share and pass on knowledge and insights in their own people network.
Knowing where everything is and how to move around is essential for business success. With Lynk Circle, you can create knowledge networks and make them work the way you want them to work through AI technology. Utilizing internal knowledge and optimizing the flow of knowledge continues to be the key to driving business performance. Start today to adopt the best solution for your organization’s knowledge management with Lynk!