Innovation-Imperative of Innovation
Imperatives of Innovation
So much as been written and published about Innovation, the importance, the processes etc. Many books have been written about key elements in particularly best practices like culture creating, product development process, ideation. However, to create and sustain innovation it requires a complex combination and continued support of imperatives that need to be introduced, supported and continued to succeed.
Aside from the obvious start from the top and based on the companies Vision and Mission statements Innovation needs to be supported by the strategic plan. Innovation cannot be created by itself without the support of long-term growth objectives and capital support.
The leadership has to take the lead and inspire the troops and create the culture. Without the inspiration and continues communication no company will succeed with innovation. The goal and objective should be communicated regularly. The leadership team should play an active role in the day to day innovation management. Once the inspiration has been created and communicated and step by step the culture created the next imperative is a new product development process.
Ideation, essential and key imperative must include customer/user input. Essential to make sure customer ideas get communicated and vetted, considered and cross pollinated. Important to continuously feed ideas. Ideas should be ranked and reviewed on a regular basis. Condiser ideas from all sources internal and external and have an open forum internally, ideas from all associates and departments. This will help product but also process and technology innovation. If at all patent idea’s to protect and create value for the stakeholders.
The new product development process is an absolute essential to succeed in innovation. The executive leadership team should have active involvement on a regular basis. Ideally the CEO should lead to the monthly new product development process. Ownership and accountability are key. Champions are essential and should be involved in multiple teams as participants training and coaching is a much forgotten imperative best practices should be shared and project management should be taught on a continuous basis .
Track and measure results, set objectives and works towards them. Measure performance and results and finally reward both monetary but more importantly in recognition those involved.