In today’s world, businesses are growing faster than most people can keep up with. A high priority for all businesses is to be able to implement innovation quickly and effectively. But what are some of the issues that businesses face when it comes to their innovation process management? Let’s take a look at the four key issues.
Specialization of the Innovation System
Every company has a different need for innovation. Hence, there is no one size fits all system. Rather, each business has to design one that is unique to them. However, the key elements of the process are the same across the board. They are:
- Creating an idea
- Capturing the idea
- Developing it
- Testing its viability
- Investing in the winning ideas
- Killing the poor ideas
Implementing each of these elements, however, is unique and something that is specialized to each business.
Innovation of the Business Model
Business models seem to have stood still. Unless they innovate themselves, they will no longer be able to keep up. Hence, all innovation must start with an element of design management, looking at the business model itself. It is about finding new ways of becoming profitable, allowing the business to expand and to capitalize on successes.
Co-creation Using Mobile and Social
There is now a wide range of technology available that allows businesses to communicate with their customers, which includes mobile and social technology. Not implementing these is a sure fire way to miss out on business success. Any innovative program, therefore, needs to link back to making it both mobile and social.
Building a Culture of Innovation
Finally, businesses must come up with a way to create a corporate culture that actually supports innovation. This means that each team member must be given the freedom to come with ideas – good and bad – and that they must be able to have a say in the decision making process. This is all about engaging employees, which has been proven to make them more productive and efficient overall. Changing a culture is often one of the hardest things to do, but it is also the most vital to overall success. Unfortunately, letting go of the reins and allowing employees to have freedom is something many leaders and managers have great difficulty with. They worry that employees will take advantage of this freedom. However, companies where it has been implemented, such as Google and Facebook, prove that this is not the case.
Every aspect of a business must go through a process of constant innovation. This is the only way they can retain their leading market position, or grow their business. The better a system of innovation management is, the more the business will be able to reap the benefits. This means changing business models, adopting social media and mobile communication and giving all employees complete freedom by creating a culture of innovation. Exactly how you achieve this depends on your own organization and will most likely require a period of trial and error.