Click here to read Article 1 of 8 “Growth Through Innovation”
Management knows it and so does the markets/customers: the year-over-year viability of a company depends on its ability to innovate. Key considerations for managing innovation strategically.
Invention/Creativity and Innovation
Invention/creativity is the creation of the idea itself however – Innovation is a process that combines discovering an opportunity, blue printing an idea to seize that opportunity, and implementing that idea to achieve results. No results ….. No Innovation.
Identification of a true “unmet need” is critical to delineating between a business opportunity vs a innovation opportunity. Innovation requires investment in the form of resources and sometimes capital and hence “monetizing the unmet need” is a critical stage before proceeding forward.
Innovation by a select group
Everyone should contribute in the idea generation. It is helpful to think about different innovation “levers”, which can range from new internal processes to integrated business models. Collective brain storming can be very helpful as long as the group stays highly focused on the specific “unmet need”. All ideas should be thoroughly evaluated to ensure that the “unmet need” is being resolved.
Innovation is all about the “Big Bangs”
Pushing for big bangs often leads to overly risky ideas (shark fin effect). Scorecard is measured not in the size of the vision, the beauty of financial forecast, or degree of difficulty, but in its impact. Telling an organization that “it’s innovation time” without investing time, people and money can generate unsustainable results.
Disciplined and balanced Innovation Management process is critically important to develop a culture of innovation.
A break down of Apple’s tremendous success should be a great opportunity for business leaders and innovation team members. Apple’s products and services roadmap illustrates the identification of “unmet need”, which led to innovation in “product, services as well as customer experience” which they continue to fine tune until this day.
Apple’s innovations have allowed them to build exceptional enterprise value and brand loyalty.
Stay tuned for the next article which will be “Types of Innovation”
The author, KetanDeshpande, lives in Minnesota and writes about a variety of topics in his blog such as global economy, market and industry trends, successful strategies for businesses, and others. Leveraging his global strategic leadership experience from the manufacturing industry to offer insights in to how businesses can meet the sustainable growth and profitability goals.
Ketan Deshpande is also passionate about sustainability and renewable energy; he curates and shares latest updates in his blog posts. Recently the Southern Minnesota Municipal Power Agency(SMMPA) of Litchfield, Minnesota, endorsed Ketan Deshpande for an energy conservation project.
This blog also features memorable events, travel experiences and his favorite places to visit in the great state of Minnesota.
Blog by Ketan Sharad Deshpande, Anoka county, Minnesota, MN