The Importance of Idea Execution in Corporate Innovation
Innovation is cited as a strength by 81% of digitally mature organizations and cultivating a culture of company-wide innovation should be a priority for all decision-makers and stakeholders. If you are in the process of building your innovation strategy, a focus on the concept of idea execution is vital.
In truth, there are many reasons why idea execution is central to the future of your business. Here are six of them.
Idea execution turns what-ifs into reality
Ideas are the foundation of innovation and organizations like NASCAR have shown how it can now be a collaborative endeavor that encourages audience participation. Unfortunately, even the most creative businesses will struggle to disrupt their industries if they don’t know how to execute their ideas. Ideas may fail for many reasons like operational incompetence or a poor understanding of the market. A defined execution strategy will overcome those hurdles. In short, it is the key to making things happen!
Idea execution encourages company-wide innovation
It has been shown many times that a company-wide approach to innovation will yield better results. When there is a focus on idea execution, it naturally promotes this approach for many reasons. Crucially, the desire to get things done rather than keep discussing them ensures that intrapreneurs can work on their innovations without having to impress dozens of decision-makers first. Tools like KICKBOX facilitate this conveniently. When combined with a commitment to rewarding innovators, you will see a noticeable impact.
Idea execution strategies encourage accountability
In addition to encouraging innovation, idea execution promotes accountability from all employees. There is no substitute for a strong work ethic, and idea execution plans can cultivate a culture of hard work and persistence by helping employees to take ownership of their ideas and push them towards successful execution. Idea execution analyzes an initial concept to confirm that it is sustainable for the long-term, ensuring that no corners are cut. KICKBOX can reinforce this, as data can be visualized and collaborations are facilitated by colleagues and outside parties. In short, every step will be correctly treated.
Idea execution strategies serve your employees
Ultimately, a business can only succeed when it unlocks the full potential of its workforce. The case of SIEMENS Energy shows how this can be achieved at an early stage thanks to modern tech and versatile strategy that lets employees create time for formulating and executing ideas. Meanwhile, a lack of appreciation is cited as a reason for quitting by 79% of employees. By recording and celebrating the small ideas and executions through KICKBOX, you can maintain a happy workforce and low staff turnover too.
Establishing a clear goal through idea execution
For innovation to work, it must thrive within the context of the organization. Idea execution can be the catalyst for this as it allows companies to have a laser-focused approach on a clear goal, as was the case for help2type, rather than become lost among a vast set of goals. When you know how to execute ideas well, the process of turning the basis of an idea into a defined vision becomes far easier. This can subsequently create smoother operations to help get innovations to market in the fastest time possible.
Defined idea execution removes fear
Not every idea can be a winner and, in fact, over 70% of innovation attempts end in failure. On the face of it, this could be considered a stat to discourage idea execution. However, having a defined idea execution plan can remove this fear by providing a clear framework to follow. This allows intrapreneurs to quickly identify whether innovations will succeed or fail, which can help them abandon failures and learn from them. Additionally, it helps pinpoint potential successes and shed light on how to realize their potential.
This feeds into your pursuit of psychological safety and increased engagement levels. In turn, teams can have the confidence to abandon failures and learn from them. Moreover, it will pinpoint potential successes and shed light on how to realize their potential.
The importance of idea execution in corporate innovation cannot be overstated. Without the ability to effectively execute ideas, even the most innovative businesses will struggle to disrupt their industries. However, by adopting a multifaceted approach that includes a focus on idea execution, companies can turn hypotheticals into reality, create company-wide innovation, encourage accountability, serve their employees, establish relevance to the brand, and remove fear. With the right tools and strategies, businesses can unleash the complete potential of their workforce and achieve success in the ever-evolving world of innovation.