Meaning ● Dynamic Innovation Capability in the SMB context refers to a company’s agile capacity to continuously create, implement, and profit from novel ideas, processes, and products to drive growth. This involves strategic foresight, rapid prototyping, and iterative adjustments driven by market feedback and technological advancements in automation. Descriptor ● It is the ability of an SMB to not only generate creative solutions, but also to rapidly translate these ideas into tangible value through efficient automation and implementation strategies, giving them a competitive edge. Assessing the internal and external environments allows SMBs to spot opportunities, automate processes, and implement changes swiftly, differentiating themselves in the market. Scope ● This capability spans from fostering a culture of experimentation and learning, to deploying resources effectively for innovation initiatives, to adapting quickly to changes in the market or industry landscape. Achieving Dynamic Innovation Capability involves integrating automation tools and data-driven insights across all operational functions. It includes managing intellectual property effectively, establishing collaborative partnerships, and scaling new solutions to meet growing demand and maintaining a business-focus that is not sidetracked from the market.
