Innovation is essential today for companies to sustain future revenue growth and, ultimately, to survive. Customers demand more new products in shorter time intervals, often customized to their own needs. They want more attractive designs, better performance, better quality, lower prices, and instant availability.
But innovation is more than just coming up with a few new and creative ideas every once in a while. True and successful innovation is complex and has to be purposefully planned and carefully executed. It demands clear objectives, a solid strategy and a methodical approach to be sustainable and repeatable. And it spans across two major and distinct phases, each with clearly defined processes, tasks, deliverables, resources and tools: The front-end of innovation or ideation phase, where ideas are born, managed, evaluated and selected, and the execution phase, where ideas are transformed into reality and commercialized.
Does your organization have clear innovation objectives, an actionable innovation strategy, a culture that encourages innovation and doesn’t punish mistakes, an organization, processes and tools that enable innovation, and a clear understanding of the desired results? If the answer to these questions is a resounding yes, innovation in your organization is likely methodical, repeatable and sustainable and will ultimately be successful. If your answer is no or not sure to any of these questions, I recommend conducting a review of your company’s innovation approach, i.e. current and desired results, culture, organization and strategy.
To learn more about how to improve your organization’s innovation performance and results, go to http://bit.ly/16E1L9D.