In today’s fast-paced world where change is often constant, fostering an innovative mindset is critical for leaders and business owners who want to stay ahead of the curve. Ashley Nagle Eknaian, Eastern Bank’s Chief Digital Officer, a Top Woman in Tech in Boston, and a founding fellow of the Boson University Innovation Quorum, is responsible for driving innovation through experimentation and collaboration. A regular speaker on business innovation and common challenges, she is at the center of applying innovation successfully in the workplace. Below are her six actionable tips to nurture innovation in your business.
Embrace Failure as a Learning Tool
Perhaps one of the most important parts of an innovative mindset is being comfortable with trying new things with the understanding that some of those things won’t work out. Approaching failure not as a setback but as a learning experience will foster environments where teams feel safe to experiment, learn, and grow from their mistakes. “You have to be confident enough to acknowledge something didn’t work, ask yourself why, and then incorporate those learnings into the next iteration,” Eknaian says. By repurposing the lessons learned from failure, anyone can gain valuable insights to shape future innovation.
And business owners should take pride in modelling this mindset in their own work as well. When leaders are transparent about their failures, they create a culture that celebrates, rather than fears, trying new things, which sets teams up for greater creativity in their work.
Prioritize Progress Over Perfection
It can get easy to get bogged down by the need for perfect outcomes. As an alternative, Eknaian advises focusing on what’s “good enough” and to keep moving forward. This certainly does not mean compromising quality, but rather thoughtfully identifying where to invest more time and energy so you can focus on what truly matters. As she points out, “You’re never going to bat a thousand, small wins are still wins.” For business success, decide your highest value areas and where to put maximum effort to prioritize moving the needle forward.
Combine Human + Machine
While technology plays a crucial role in innovation, balancing a human element is important to center empathy in business. Eknaian suggests using an integrated approach to drive business success. “Evaluate how each can complement instead of replace the other,” she says.
Encourage employees to adopt certain technologies, such as AI, as tools for efficiency in the workplace, while not losing sight of the real value that empathy, collaboration and interaction among teams bring to creativity and sourcing ideas.
Foster Cross-Functional Collaboration
Collaboration across different roles is essential for creating break-through solutions. Whether you have a team or are an individual contributor, Eknaian encourages surrounding yourself with people who can view the problem from another perspective and provide unique insights. Break down silos and encourage collaboration across departments and disciplines, such as finance, marketing, supply chain, distribution, customer service, operations and human resources. Different experiences are vital when trying to solve complex problems or create new products.
“Understanding a variety of perspectives will produce better solutions,” says Eknaian. Prioritizing open and transparent channels of communication across teams and areas builds trust. By welcoming feedback and expertise from different functions early in the process, teams are best set up to avoid roadblocks and ensure their work addresses holistic solutions and needs.
Adopt a Customer-Centric Approach
Being customer-focused is not just a mantra but a necessity for innovation, according to Eknaian. She highlights that understanding customers’ evolving needs and pain points is fundamental to creating relevant and user-centric products and services. “If you’re not focusing on customer needs and expectations, they’ll go to another business that is,” she states.
Make gathering feedback, conducting market research and monitoring customer behavior trends a regular routine. By adopting a customer-centric approach, businesses ensure that what they deliver is usable and aligned with real-world customer demands. And they are not afraid to change course and innovate to stay relevant.
Be Ready for Constant Change
In a time when disruption is the new normal, change is the only constant. Eknaian stresses that true innovation requires a mindset that is open to adaptation. “The future will continue to evolve,” she says, emphasizing the importance of being ready to pivot as new information, technologies and market conditions occur.
To maintain readiness, focus on direction rather than precision when looking ahead to the future. Innovation thrives on curiosity, adaptability, and learning. Encouraging these qualities in your teams can help them successfully navigate constant change.
Innovation can happen anywhere, at any time by anyone. By considering these tips, business owners and leaders can steer their organizations toward sustained growth and relevance in a rapidly changing market.
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