integrated approach

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Stop gambling with the future of your company: take control of innovation

Three important prerequisites for successful innovation

Can you honestly imagine anyone saying: “We are relying on our product managers to have a Eureka moment” or “we are just waiting to get lucky”? No way! But yet, this is often reality when it comes to innovation.

Popular well-known products came about by some stroke of luck. Pure serendipity. The seeming abundance of examples on the internet conceals the fact that this is only an insignificant minority of innovations. Organizations can’t just rely on luck as their source of innovation. The future of a company must not depend on it. Moreover, it really is gambling with the future of your company.

Gamble-future

Companies must take control of innovation. Evidence shows that companies that are most successful at innovation have taken control by approaching it in an integrated and structural way. Here are three of the most important prerequisites for successful innovation:

First, companies need a reliable and continuous stream of innovative ideas that can be brought to the market at regular intervals. Having this pipeline of ideas in place, makes innovation much more predictable. Similar to managing customers through different stages of maturity in a Sales funnel, ideas are being managed from their rudimentary form, through concepts until market introduction.

The second prerequisite is that innovation must include the entire organization. It’s not just the job of the product managers or the Marketing department to generate these new ideas. It should be the job of truly everybody in the company: from the receptionist to the CFO. Innovation must not be the exclusive domain of a specific group of people. Involving everybody creates ownership and stimulates commitment. Furthermore, it helps generate more and better ideas.

Will everybody in the company just be thinking outside the box and freely brainstorming ideas? Even though this may generate ideas that have potential value, it leads to idea-anarchy. Constraining the process of idea generation is the third prerequisite for successful innovation. Adding constraints forces us to think inside the box, which makes us more creative and more innovative.

Regain control of your innovation. Adopt a structured and integrated approach.

 

© Ernst-Jan van Batenburg, FlyWheel Business


Please check out www.flywheelbusiness.com for more information on our innovation & consulting services. Get in touch or follow us…

Email info@flywheelbusiness.com | Twitter @FWB_Innovation | Facebook flywheelbusiness | LinkedIn ernstjanvanbatenburg

FlyWheel Business, Accelerating Innovation.

 

By |January 18th, 2016|2016, Blog|0 Comments

Three innovation principles

Imagine you run a successful business with happy paying customers. Would you just sit back and relax? No! You would be looking at ways to sustain that success, and to become even more successful. You would be innovating all the time, right?

I believe most companies know they need to innovate and many of them realize they should not wait until sales slump and business becomes less successful. However, it happens that companies respond too late to changing customer behavior or find themselves surprised by new competitors shaking up their industries.

If you want to run a successful business on the longer term, you need to fix the roof when the sun is shining.

Companies know they need to innovate and they know they need to do it now. The problem many companies face is how to do this thing called innovation. Each company and every industry is different and has its own specific characteristics. However, here are three principles that are universally helpful.

  1. Create fertile ground

fertile

Many companies have a business unit “Innovation”, but successful innovation needs more than just a department bearing this name. To be structurally successful in innovation, the entire organization must embrace it. Innovation must run through the company’s veins. It is of fundamental importance to develop fertile ground so that innovation can take root in the organization. Innovation needs to be part of a company’s strategy, embraced by its management and supported by its internal processes.

  1. Innovate systematically

Innovate-systematic

Popular well-known products came about by some stroke of luck. Pure serendipity. But organizations can’t just rely on luck as their source of innovation. The future of a company must not depend on it. What we need is a systematic approach for innovation that continuously keeps pouring new innovative ideas into the innovation pipeline.

  1. Build an innovation pipeline

Innovation-funnel

Just as companies need a sales pipeline, they need an innovation pipeline. The systematic innovation process of the company generates new ideas that vary in potential opportunity and may require different implementation capabilities. All these ideas are fed in an innovation pipeline where […]

By |February 10th, 2015|2015, Blog|0 Comments