Skip to content

Innovation versus Transformation

Companies undergoing digital transformation are in the process of moving away from hardware and into a digital business. That transformation makes an impact on revenue streams, employee skills and how products and services are delivered and marketed to consumers. The impact of a digital transformation is wide reaching.

What digital transformation and innovation do have in common is strategy. Strategy typically starts with the deceptively simple question: why are we doing this? While the answer seems like it should come from an obvious place, such as needing to modernize, the truth is a lot of companies have different and multiple reasons for transforming and innovating. An innovation strategy could be, for example, deciding how to build a business that is future resilient and meeting the needs of consumers globally.

Process and organization mater in innovation but people are at the crux of transformation. However groundbreaking or innovative an idea is, without the right people and teams in place to deliver on those new ideas, organizations cannot move forward. And the best way for people to feel empowered is through leadership. Hatrick points out that good managers tend to guide and lead, as well as observe and adjust in the process, to help support the ideas.

Which is why the right attitude is so important. Industry leading companies tend to adopt an innovation culture, where employees are inspired to find creative ideas and managers and leaders support exploration. Encouraging innovation is a mindset that needs to be adopted at an organizational level, not just as an individual.

Not every idea is a good one. So where does failure come into play? Hatrick says essentially failure is a negative word. He disagrees with those who say it’s important to celebrate failure. His standpoint comes from the knowledge that companies dedicate time, employee resources and funds toward innovation initiatives. Hatrick says failure can be better positioned in the context of lessons learned. While he admits it can be simply a matter of semantics, he believes it resonates better with leadership.

Hatrick says he also embraces the phrase ‘fail fast to succeed sooner.’ Iterating, ideating and prototyping earlier on – and learning quickly from what works and what doesn’t – helps innovation overall. Small ‘non-successes’ means that learning is happening before the bulk of an organization’s resources gets invested. This is something creative and engineering people know well. Not everything works and continuously trying new things and learning from micro mistakes is rarely seen as failure. It’s perceived as creative thinking and learning.

At the end of the day, Hatrick says innovation is about perseverance. You must keep trying and a support company culture that embraces innovative thinking is the ultimate support system innovative thinkers need.

Contributor

  • Seth Adler heads up All Things Insights & All Things Innovation. He has spent his career bringing people together around content. He has a dynamic background producing events, podcasts, video, and the written word.

    View all posts
 
 

Related Content

A strong steel chain link.
innovation mindset

Strengthening Foresight Strategies

During All Things Innovation’s recent virtual event, Innovation 2025, we set the stage for the FEI25 conference with a discussion on, “Corporate F…

Futuristic fractal sphere with digital egg emerging in the center.
technology

Practicing Innovation in the AI Age

Emerging technologies, such as artificial intelligence, are changing the game when it comes to innovation. From quantum computing, the metaverse, mixe…

A shining star on top of a trophy.
ambidexterity

FEI25 Honors to Recognize Steve Wozniak

This year’s Front End of Innovation (FEI25) conference will celebrate the show’s rich history of innovation with the FEI Honors event—which will…

First, second and third place trophies stand on a podium.
innovation strategy

Championing Innovation Management

Artificial intelligence and other emerging technologies are changing the game when it comes to innovation management. The demands of the marketplace a…

A calm clear blue ocean, beach in the distance.
new product development

Creating Innovation Differentiation

In an intense and fast-paced business world, standing out from the crowd is crucial for brand growth and success. Understanding your market and compet…

Books on shelf in background, 2 books open on a desk.
cross collaboration

The Innovation Edge: Best Practices Defined

Corporate innovation is no longer a luxury, but a necessity for survival and growth in today’s rapidly changing business landscape. This guide, create…

Blueprint with virtual 3D representation of sports car design sketched on top.
new product development

Refining the Rapid Prototyping Framework

Staying on top of the innovation game requires speed to market in today’s competitive environment. Bringing new products to the development phase ca…

A curving train track, heading off into the distance.
innovation strategy

Taking the Transformation Journey

Nothing really stays still for businesses and brands, at least for very long, in today’s dynamic environment. It’s a constant evolution. That mome…

Data or circuit-like connections moving off into the distance.
new product development

Connecting the Company to Innovation Strategy

Forming a well-defined innovation strategy is essential for organizations that want to thrive in today’s dynamic and competitive environment. At this…

A map with antique compass/navigation tool on top.
innovation strategy

Guiding Innovation Strategy

Innovation strategy is the compass and roadmap for an organization’s innovation efforts. It defines what to innovate, why, and how to achieve it. It’s…

Graphic of two heads with brains as gears churning and communicating.
digital transformation

Creating the New Business Innovation Mindset

From quantum computing to the metaverse, there are a multitude of emerging trends, tools and technologies that could influence the business of innovat…

Curving glass windows of a skyscraper.
human innovation

Moving Up the Innovation Curve

All Things Innovation’s continuing series on business innovation has focused on the foundational knowledge and best practices of this discipline. Wh…

Windsurfing on a rogue wave.
innovation strategy

Bringing the Rogue Mindset to FEI25

Just how much of a Rogue Mindset do you and your team bring to the innovation table? What can we do to bring more of that unconventional thinking to t…

One open yellow umbrella stands out among black umbrellas in the sky.
viability

Moving the Needle on Business Innovation

In defining business innovation, thought leaders in the community often liken it to an umbrella of sorts, where the business is open to new ideas bein…

Office building filled with dark and lit windows at night.
social innovation

Defining Business Innovation

Business innovation refers to the process of introducing new ideas, products, services, or processes into a business to create value and gain a compet…

A digital-like button that says "Start."
agile innovation

Leveraging Insights to Reach Innovation

With the production of insights comes learning about your marketplace and consumer, actionable findings, and agile decision-making—all of which can…

A big road sign that says The Future is Now.
storytelling

Inspiring The Future of Innovation

TMRE 2024, recently held in Orlando, gathered the market research community for a broad range of conversations and discussions from all manner of insi…

A gold pocket watch half buried in the sand.
innovation team

Top Innovation Themes from 2024

As we close out our review of 2024, we wanted to examine the top innovation themes of the year, based on our blogs, research reports and events. To do…

Cooking in a wok on a steamy and fiery stove.
data science

Cooking Up Innovation: A Review of Q3 2024

During the third quarter of 2024, All Things Innovation was busy preparing coverage for the recently concluded FEI 2024 conference in June and present…

A single light bulb illuminating with the filament shining bright.
innovation team

Illuminating Innovation: A Review of Q1 2024

During the first quarter of 2024, All Things Innovation was busy preparing for the upcoming FEI 2024 conference and gearing up for a year filled with…

A digital hand and a human hand touching through a futuristic background.
artificial intelligence

The Future of AI: A Roundtable Perspective

A key session at FEI 2024 earlier in the year was the GenAI Use Case Roundtables, where the entire show delegation shared opportunities and concerns w…

data science

The Data-Driven Race: Strategies for Success

FEI 2024’s AI, Data, Analytics & Insights track provided valuable insights into the latest trends and technologies shaping the future of business. By…

A large spinning wind turbine.
sustainable innovation

Energizing Sustainable Solutions

All Things Innovation spent some time at FEI 2024 with Serene Hamsho, President of American Offshore Wind Academy, which provides professional trainin…

Colorful USB plugs moving up like a chart from left to right.
machine learning

Plugging into AI & ML Adoption

In the rapidly evolving landscape of consumer-packaged goods (CPG), the integration of artificial intelligence (AI) and machine learning (ML) is no lo…

A diamond and its facets.
robotics

Finding the Value of Innovation

Gail Martino, VP Partnerships, 387Labs, was on hand at FEI 2024 as a moderator for the Brunch with the Bots presentation on the final day of the confe…

Variety of bubbles floating on a black background.
innovation frameworks

Adopting an Innovation Ecosystem

From small startups to large corporations, sometimes the process of innovation includes the need for an innovation ecosystem. Just how that is defined…

An Olympic swimmer in the pool racing.
innovation leadership

Is Your Company Innovation Ready?

The term innovation readiness is often used to refer to an organization’s ability to develop and launch new products, services or ideas. Some may poin…

A sphere in space, with data points of light
consumer insights

Innovation in Action: Trends from FEI 2024

This past June, the vibrant city of Boston, known for its trailblazing spirit, became the epicenter of innovation as it hosted the Front End of Innova…

Crumpled paper on top of idea/innovation sketch pad with drawing of light bulb.
FEI

FEI 2024 Report: The Future of Innovation

A successful three-day event marked Front End of Innovation (FEI) 2024 in Boston, held June 10 to 12 at the Omni Hotel at the Seaport. A reenergized a…

Yellow and black Caution hazard lines on pavement.
innovation culture

Avoiding Innovation Traps

The road to innovation can sometimes be straight and unencumbered. But more than likely, it can also be a long and winding route, with many obstacles…

Futuristic city at night with data points of light rising from the bottom.
data-driven innovation

Mapping Out the Data-Innovation Journey

This year, in our latest Innovation Perspectives Report, the editors of All Things Innovation brought together a cross-section of innovation, insights…

mountain climbers trekking
artificial intelligence

Discovering the Innovation-Led Growth Journey

Advances in artificial intelligence are powering AI-driven innovation. As machines become smarter and tech developments are rapidly progressing, there…

football chalk game plan
product development

Innovation Principles, 6/7

Development strategy (i.e., Game Plan) is a set of choices within applicable constraints and trade-offs that defines our development approach and posi…

honey jars with dripping honey
business model innovation

Capturing Value with Business Model Innovation

While product and service innovation are integral in today’s competitive business environment, one shouldn’t overlook creating value through busin…

entrepreneurship

The Benefits of Innovative Entrepreneurship

Entrepreneurship and innovation are closely linked concepts but also distinct and separate stages in business. Defining both is helpful from both an o…

disruption

Finding the Way to Business Transformation

The concept of business transformation can be defined with a broad range of meanings depending upon the business and the different stakeholders that p…

innovation culture

Bringing Sales and Innovation Together

Just how can innovation and sales work together to find success? Too often, companies find themselves stuck in their respective departments and the si…

artificial intelligence

Advancing Universal Interaction

Artificial intelligence, specifically generative AI, has the potential to be a great equalizing disruptive technology of our time. While we are still…

artificial intelligence

How AI is Redefining Business Strategy

Over the last year, AI went from being the next big thing to being the Big Thing. In particular, Large Language Models (LLMs) from companies like Open…

digital transformation

Shaping the Future with Disruptive Technology

As we head into 2024, innovation of all types, most especially in technology, will continue to disrupt, transform and impact our lives, from the workp…

innovation strategy

The Impact of AI on Innovation

Artificial Intelligence (AI) is having a profound impact and influence on a broad range of industries. From healthcare to publishing to industrial fie…

innovation growth

Unlocking Business Growth Through Innovation

The business world is changing quickly for innovators and there is a growing and ever-present imperative to keep up. Business model transformations an…

digital innovation

Living in A Digital Transformation World

Digital transformation (DX) has been a hot topic in the innovation space for some time, but the term can be easily misunderstood as well. As we accele…

foresights

Playing the Game of Disruption

At FEI, Angelina Carvajal, Strategy & Innovation Partner, Sr. Dir. (Optum Advisory), UnitedHealth Group, had a chance to share her thoughts on disrupt…

product development

Breaking Through Challenges to Problem Solve

While it’s important to learn from best practices from large and innovative enterprises, it’s also valuable to hear from the startup community. At…

Innovation Resources
innovation partnerships

External Partnerships Fuel Innovation

As part of the continuing series of conversations at FEI with All Things Innovation’s Seth Adler, next on tap is Eric Agdeppa, R&D Director, Innovat…

innovation culture

Beyond Innovation Theater

At FEI, All Things Innovation conducted a special roundtable, bringing cross industry, cross disciplinarians together to talk about transformation and…

design thinking

Supporting Data with Design Thinking

At FEI, All Things Innovation conducted a special roundtable, bringing cross industry, cross disciplinarians together to talk about transformation and…

digital transformation

Achieving Transformational Innovation

At FEI, All Things Innovation conducted a special roundtable, bringing cross industry, cross disciplinarians together to talk about transformation and…

innovation culture

The Finance Factor in Innovation

The finance function in an organization often gets tabbed as a bottom line-oriented, conservative department that more often than not stifles innovati…

disruptive innovation

The Progress of Innovation

Technology is shaping our society, taking us in new directions and playing a key role in our lives every day. These forces can disrupt, or delight, co…

innovation strategy

Generating Innovation Through Ideation

Ideation is often confused with innovation, along with other related terms regarding the creative process, such as brainstorming or design thinking. W…

business transformation

Going ‘All In’ On Business Transformation

There are many different types of business transformations at play in today’s corporate world. This could, for example, encompass the significant di…

sustaining innovation

Growing a Culture for Business Innovation

Whether it entails a large jump or a small step, the innovation pipeline for a business keeps it moving forward through a competitive landscape. Busin…

innovation strategy

Gaining True Value While Moving Forward

The All Things Innovation community came together in this Gathering on Innovation Strategy to drive immediate lessons learned through the first half o…

brand innovation

Embrace Good Friction to Stimulate Growth

The concept of positive brand friction postulates that it can be used to stimulate and maximize growth, improve the customer experience and enhance ma…

business innovation

Innovation During A Downturn

Whether you believe the USA is headed toward or already in a recession, there are signs of a slowing or reversal of economic activity. Of the 15 metri…

successful innovation

Striving for Successful Innovation

In the quest for innovation, there is often a fine line between success and failure. The road to success is not always clear, easy or convenient. Howe…

advancing innovation

15 Second Workday

This morning I generated 40 new product ideas with concepts and ad copy to accompany each.  It took 15 seconds. This is just a small fraction of what…

business innovation

Innovation Survey

The All Things Innovation Survey Committee along with FEI have created a Spend & Trends survey to provide you the opportunity to benchmark with your p…

2023 Outlook

Known uncertainty. We enter 2023 with some of the most known uncertainty of our lives. Going into 2019- certainty. Going into 2020- certainty-albeit m…

innovation ecosystems

Innovation Ecosystems

Innovation is a journey, it’s a continuum of experiences, an act of exploration. The orchestration of ecosystems is more and more important in consi…

technology

Interaction Innovation

We are at a time in history of incredible change and technological innovations, such as the rise of machine intelligence, and companies who keep doing…

advancing innovation

Strategic Innovation

Any new concept or technological advancement will continue to change and advance. Landlines were commonplace before smartphones. Remember those? What…

Innovation Spend & Trends Report

The Innovation Spend & Trends Report has just been released onsite at FEI: Front End of Innovation. Be among the first to gain from this benchmarking…

transformation

Innovation Intelligence

It seems that innovation is one of the biggest buzzwords in business now. To sustain growth and be competitive in the marketplace, companies in every…

transformation

Innovation As Constant Change

The key strategy to a successful business is to know when they are being innovative or are just transforming their status quo according to market tren…