POSIT is an acronym of Process Optimization, Standardization and Innovation Technique, a standard to measure global business processes that are maintained in multiple business applications and serviced by various outsourcing companies.
Internationally, POSIT is assessed, managed and monitored by ICIM, a Chicago-based decision science company.
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As all standards, this is also an assessment. However, the difference is that it measures companies on three aspects:
POSIT is not just an assessment and labeling a company at a certain level. It works on simple traditional business and technology principles. There are three principles
POSIT is also an acronym for Portfolio System for Institutional Trading, an electronic trading system serving institutional traders. It is run by the Investment Technology Group. It attempts to match buy and sell orders between larger traders. POSIT is a type of crossing system, where a broker acts as agent on both the buy side and sell side of a given transaction. If the broker has a buy order and an equivalent sell order, he/she can "cross" the orders. This is a common situation in the case of large orders.
To remain competitive, organizations require innovations but, in a busy and changing market even starting or planning an innovation is difficult and challenging. It demands a lot of intellectual energy, time, efforts and resources.
o Innovation demands commitment for time, efforts and capital.
o Efforts for innovation require an outline about the goals which must be communicated from top to bottom in the organization.
o It is very important to know any prior research and development in the same or similar field with respect to the current market situation.
o Identify the stake holders for an innovation, their preferred way of working and align the resources accordingly.
o All the departments’ with-in the organization must be explored in order to utilize their expertise for innovation and everyone should make an effort to contribute for innovation.
o If required, the organizations must hire new and different people to bridge the gap of capabilities required for innovation.
o An organization must gauge the level of support its senior manager is getting while leading the efforts along with his personal commitment and credibility.
o Clearly define the parameters over which the success will be quantified.
o Establish the realistic time frame for implementation which is mutually accepted by the team.
o Identify and use the correct tools and processes required to lead the innovation.
There isn’t an organization on the planet which could not prosper from an innovation. When overwhelmed by problems and challenges, all organizations seek innovative solutions. Our challenge is to unlock that ability to create in our waking hours. To channel our midnight dreams into the daylight where they can do us greater benefit.
Creativity is doing something which hasn’t been done before. This definition suggests part of the obstacle which creativity is facing. Doing something new requires courage and ability to think out of box. We should always recognize and encourage feedbacks for continuous improvements. Even incremental improvements may result into an innovation.