Innovation is crucial to the continuing success of any business, especially well-established enterprises. New products and ideas are tested every day, just as new opportunities are ignored. Blockbuster thought going digital would be too expensive. Blackberry failed to adapt to the changing smartphone market. Toys R Us sued Amazon versus using them to build an eCommerce presence. To paraphrase Microsoft\u2019s CEO Steve Ballmer, \u201cInnovation is the only way to keep customers happy and competitors at bay.\u201d\n\nHere are five questions for well-established enterprises navigating innovation: \n\nWhat is innovation? \n\nInnovation is about making changes to something established, specifically by introducing new methods, ideas, or products. \n\nNoteworthy companies like Airbnb, Uber, and Apple innovated through major technology breakthroughs, but innovation doesn\u2019t have to be a completely new business model. It can be as simple as an upgrade to your customer service or new features added to a product. Leading organizations ensure continual innovation by creating roadmaps that document when new products or features will be rolled out to the public (ex: on a quarterly or yearly basis).\n\nAt Avaya, we\u2019re constantly thinking of ways to innovate our cloud communication products based on what customers want and need, from new ways to connect to global expansion capabilities to AI-powered features. Above all, innovation should be about responding to customer needs. \n\nWhat does innovation mean to you? \n\nAre you familiar with the term \u201cInnovation theatre?\u201d It\u2019s used to describe an initiative done to merely signal that innovation is happening (in reality, it has no significant business impact). This display is unfortunately all too common. Under this umbrella of \u201cinnovation theatre\u201d are activities that promote the idea of innovation but don\u2019t lead to actual innovation within the organization (think hackathons and classes). \n\nA 2021 analysis from McKinsey found that the world\u2019s 50 most innovative public companies hold innovation as a central value three times more often than other companies. Some describe innovation as a \u201cmoral responsibility.\u201d Is innovation foundational to your enterprise like core business functions such as sales, marketing, and IT, or is it a performative act? \n\nWhat are you afraid of?\n\nInnovation is about more than ideation. You need to implement to create new value. Gears need to shift, processes need to be reformed, and budget needs to be allocated. It can be scary. Research shows four fears hold back corporate innovation more than others: \n\nInnovation can be intimidating, but it\u2019s ultimately a positive pursuit. \n\nWhat do you want to innovate?\n\nEnterprise innovation comes in many forms, from product innovation to CX innovation to process innovation. If you\u2019re not sure where to start, consider these findings from Deloitte:\n\nAre you ready to innovate?\n\nA 2021 study conducted by the Boston Consulting Group found that only 20% of enterprises are fully ready to deliver the innovation they see as being critical to their success. Are you ready to prove impact in your day-to-day actions? We\u2019ll be posting a blog soon on how well-established enterprises can start walking the walk with innovation. In the meantime, read about some customers who are innovating with Avaya solutions here.