Don't just Wing it: Why You Need an Innovation Management Strategy
For many generations, innovation has been a central ingredient in the recipe for business success. In today’s world, though, it can no longer be an ‘off the cuff’ feature. Its significance means that an innovation management strategy is absolutely vital. Here’s why:
1. Stagnation will see your company fall behind
Modern business landscapes evolve at a rapid pace. Furthermore, a massive 75% of companies believe that innovation should be a strategic priority and that ignoring it could jeopardize the organization’s future. As such, an innovation management strategy that actively encourages teams to innovate and improve at every stage of the project cycle will ensure that the company can remain on top.
2. Innovation only works if everyone is on board
Innovation requires a company-wide buy-in. Otherwise, many employees will not have the psychological safety needed to confidently present their ideas. Worse still, potential naysayers could kill the innovations that would have been a huge success. Engaging the entire workforce, as Siemens Energy did through KICKBOX, requires a dedicated strategy. Without it, teams can become disjointed and disengaged. Instead, Siemens Energy found that the open, inclusive program helped bring employees around the world closer together.
3. Innovation should focus on continues progress
Innovation should ultimately focus on helping the company grow within the context of its project and product objectives. A clear strategy can help track progress while simultaneously identifying obstacles and opportunities at every stage. Tools like KICKBOX help to make innovation tangible, measurable and physical.
4. Innovation management strategies promote learning
Einstein said “insanity is doing the same thing over and over and expecting different results”. Implementing a clear innovation management strategy is one of the key concepts that helps overcome an issue that many firms struggle with - learning from past mistakes. Innovation transforms failure from something to be avoided into an important step on the path to project completion.
5. Innovation needs clear direction
Innovation is primarily driven by the goals of enhancing customer experience, revenue growth, and developing new products and services (45%). When innovations are analyzed within those contexts at every stage, it becomes easier to pinpoint the right ideas. Better still, it encourages collaboration between different teams while also introducing client feedback. It will ensure that every decision is aimed with project end goals in mind.
6. Your strategy needs to embrace change
Finally, an innovation management strategy has to be adaptable. A flexible approach to problem-solving will ensure that the best ideas are adopted. This also helps to avoid the stagnation that can occur when a company is too set in its ways and unwilling to take risks.
Innovation is one of the biggest talking points in business today and can no longer be ignored. With a clear and adaptable strategy in place, you can empower your entire workforce to engage in innovation. This will ensure that you stay on top in an ever-changing market. So, why not start outlining a strategy today?