Supply chain issues, the rise of new technologies, inflation and political unrest all contribute to an ever-evolving landscape where companies must innovate and collaborate to stay ahead of the curve. As a result, organisations are leaning on business consultants and firms to provide expert guidance and solutions to ensure their organisations can navigate these global challenges.
This article delves into the significance of collaboration and innovation in business and how enhancing your knowledge and skills can see you thrive in this dynamic environment.
Innovation in business examples
When you think of innovation, what comes to mind? Countless examples of business innovations have significantly impacted industries and how we do business. Here are a few standouts that have shaped our society in more recent times.
- Online shopping. The introduction of online shopping transformed the retail industry by allowing consumers to shop from home at any time of the day or night.
- Subscription-based streaming services. Companies like Netflix and Spotify paved the way for a new era in on-demand entertainment and changed how we consume media.
- Social media. Facebook revolutionised how we connect and engage with each other, and other platforms followed suit with microblogging, sponsored content, paid ads, visual content sharing and professional networking.
- Mobile payment systems. To meet a growing trend towards a cashless society, mobile payment systems like Apple Pay and Google Wallet have made it easier and more convenient for consumers to purchase goods and services.
- Artificial intelligence. The rise of artificial intelligence (AI) has opened doors for businesses of all sizes to automate, analyse and improve their products and services.
- The sharing economy. Companies like Airbnb and Uber have challenged traditional business models by introducing new ways to travel.
How does collaboration drive business innovation?
Brett Wiskar is a respected innovation commentator, keynote speaker and the Chief Future Officer at Wiley. He explains that collaboration and innovation play a vital role in business success through the business concept known as ‘explore and exploit’.
Based on this model, Wiskar says companies exploit by “taking its resources, human capital, systems, intellectual property and customer data and using it to make money”. But he advises that the exploit strategy on its own may not suffice.
“Businesses that focus solely on the ‘exploit’ component of this model position themselves to become obsolete at some point. So what we have to do as business strategists is actively engage in the ‘explore’ component.”
During both the explore and exploit phases, collaboration and innovation are interwoven. Innovation can emerge during the exploit phase by improving and enhancing existing products and services – this is par for the course in business. Innovation in the explore phase pushes familiar boundaries to examine new concepts and ideas across different markets, products and business models, which calls for more skill diversity.
For innovation to succeed, there needs to be a culture of collaboration within workplaces. After all, it wasn’t a single mastermind who first landed a man on the moon, invented a game-changing iPhone or created a supercharged Tesla. It was a team of people who shared their skills, knowledge and thirst for change.
How to foster a culture of collaboration and innovation
Fostering a culture of collaboration and innovation starts by building diverse teams and leading by example to show people that it’s okay to try and fail.
“It’s important to celebrate that people tried,” says Wiskar. “Celebrate what you learned. Because if you knew the outcome, it wouldn’t be innovation. It would be an initiative.”
One of the most valuable systems you can implement is ‘intrapreneurship’. This concept gives employees the freedom and resources to think outside the square, contribute ideas and take calculated risks when developing new products and services that may benefit the organisation.
Incorporating innovation-friendly efforts like Atlassian's ShipIt — a 24-hour internal hackathon where employees can work on their passion projects — can inspire creativity and lead the way for change. The event encourages workers to collaborate with members of different departments and transform innovative ideas into reality related to the software company's products and operations.
Embracing these strategies can cultivate a collaborative and innovative workplace that nourishes creativity and benefits the company and its employees.
Roadblocks to innovation
Innovation can be a daunting process for business owners and management teams. Like any form of change, some obstacles can slow progress and growth.
Common roadblocks to innovation include:
- Siloed thinking. When departments and teams operate in silos, they can fail to communicate effectively and share skills, which can stifle the exchange of ideas and hinder innovation.
- Unrealistic expectations. There is no certainty when it comes to innovation, so embracing the process and loosening the reins on expectations around timelines, costs and outcomes is essential.
- Fear of failure. The risk of failure can be a significant barrier to innovation. It’s important to understand that failure is a natural part of the innovation process and failing can provide the insight you need to succeed moving forward.
- Resistance to change. It’s human nature for some employees to resist change, so how you manage innovation projects is important. Structure teams with intent, communicate passionately, explore design thinking, set challenging and achievable targets and fast-track conflict resolution if resistance arrives at your door.
- Short-term thinking. Rome wasn’t built in a day, and neither is innovation success. Innovation can take time, so adopting a longer-term perspective is best.
Embrace the future, and don’t wait to innovate
The future of business is shrouded in uncertainty thanks to inflation, rising interest rates, supply chain disruptions and other global factors. These challenges have created an environment where companies and professionals must be agile and adaptable to stay ahead of the game.
“How we do business could change dramatically over the next decade,” says Wiskar. “Anybody sitting on a business that they think will remain the same is in trouble.”
Wiskar advises that to enact change and adopt an innovation mindset, employers and senior employees need to “consider studying an MBA focused on innovation and collaboration as a skill set”. He says it’s about giving people a strong understanding of how to future-proof their tomorrows. “Because the market conditions of 2019 aren’t coming back.”
So, which MBA is best?
An MBA significantly enhances your understanding of various areas in business management. Choosing the right MBA largely depends on your interests, professional goals and objectives for completing the course.
If you want to develop the necessary skills to become an innovative business leader, look for MBA programs that have specialisations in innovation and entrepreneurship. Another alternative is to study an MBA that offers a unit in innovation. These courses aim to produce graduates who can adapt and respond to the demands of a rapidly evolving business environment.
For example, Torrens University's online Master of Business Administration, Innovation and Leadership program offers the Entrepreneurship and Innovation unit, which focuses on the vital role of entrepreneurship and innovation in influencing organisational culture. You will critically analyse various visionary methods that can transform businesses.
The Entrepreneurship and Innovation Management unit included in Murdoch University's online Master of Business Administration (Global) course aims to help students gain the skills to develop innovative entrepreneurial venture ideas. You will also learn how to examine issues or challenges and draw evidence-based conclusions applicable to an entrepreneurial context.
Below are some MBA courses from Australian institutions that provide innovation-based units.
The Master of Business Administration (MBA) in Innovation and Leadership develops practical skills for today's business challenges.
Over the course of your study, you will be working on real projects with real commercial impact, while gaining exposure to some of the most successful and important organisations in the country. By working on projects with the university's industry partners, you’ll gain unprecedented insight into modern business challenges and the practical skill set to tackle these challenges head-on. This MBA program is structured around three major projects with industry partners.
Focus on opportunities to get valuable industry experience through professional placements and applied research projects. This Master of Business Administration (MBA) Global could also be a step towards doctoral studies after you complete the course.
The University of Canberra’s Master of Business Administration (MBA) will provide you with the chance to develop high-level competencies relevant to a variety of different types of enterprises.
The MBA covers all aspects of business administration, including finance, marketing, economics, strategic processes and people management, and culminates in the completion of a research project of your choice. Due to the course’s strong focus on Work Integrated Learning (WIL) you will graduate with an impressive portfolio of international experience, as well as the solid business mindset required to negotiate your way through an assortment of legal, industrial and cultural settings. You will be confident interacting in an increasingly complex business environment.
The Adelaide Business School’s MBA is designed by leading academics and infused with real experience from industry experts. You’ll emerge with the skills, insights and practical experience ready for senior leadership role in any sector.
Benefit from a Group of Eight program of studies tailored to the online learner and skills essential to the workforce in 2024. Develop and build your critical thinking, problem-solving and decision-making skills while undertaking courses in key business applications including strategic planning and organisational leadership.
The University of Adelaide has partnered with Boundless Learning, a leading global learning company, to deliver these degrees 100% online. The Partnership has been established to deliver the very best experience and learning outcomes to all students. Students will be awarded a University of Adelaide qualification and these degrees meet the University's highest quality standards.
Develop your entrepreneurial and leadership strengths with the Master of Business Administration (MBA). Renowned for its industry connections, the MBA delivers practical learning with a focus on leadership and change, innovation and entrepreneurship, ethical practices and social responsibility.
Enrol in an MBA today
The days of siloed departments and isolated decision-making are a thing of the past, and innovation is here to stay. To invest in your future and stay ahead of the curve, explore various MBA programs offered by top institutions in Australia and pick a course that can help you develop an entrepreneurial mindset.