Innovation Strategy Development

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Market leadership requires innovation which leads to a critical question: Is the organization has innovation policy? What should be included in the innovation strategy? This article aims to provide a practical and quick follow these two questions.

Innovation is not the same as creativity. Be creative can cause structure having a lot of great ideas and translate this into something of value requires effective process management. It can be defined as the transformation of creative ideas into innovative products, services, processes and business models that deliver better value to customers. Thus, the effective innovation both creation and optimization. What should innovation policy include? In principle, it should include the following elements: First, the Innovation positioning system other objectives and process management and improvement action plans

Positioning – just like any other policy, innovation policy needs to start. a clear target positioning purposes. Companies innovate to either be a leader or hold up and stay relevant. The special position of the organization aims to achieve should be identified and adopted taking into account the resources and capabilities. This position targets can change the organization grows and develops. When innovation is defined targets need to develop

Goals -. This needs to be established to address innovation needs includes long and short term. Innovation activities may focus on areas such as products, processes, services and entire business models. Longer term goals will aim to more breakthrough brand development, and short terms goals will focus more on changes, improvements and adjustments that aim to deliver superior value to customers versus competitive selection. When goals are innovation a multi-dimensional and portfolio perspective should be adopted. Typical areas where goals are established, the new rates product development completed, revenues from new product sales, productivity improvements with process innovations; Number of qualified innovative ideas generated, the proportion of new products completed on time and project innovation portfolio mix. Innovation objectives and results are delivered through process innovation

process management and improvement -. Taking a process view on innovation helps businesses manage and identify areas for improvement allow design specific strategies and initiatives to improve the whole innovation value chain over time. Innovation process can be divided into three stages: the first is the Idea generation conceptualization, development and verification of the second and third marketing. Sub-process steps for each of the three core innovation process should be thrown out, control and performance measured create a system to build up the overall innovation capability of organization and contribute to innovation objectives defined previously.

Building innovation capacity requires a clear strategy, goals and process place.The three factors described in this article provides a disciplined approach important leaders will help rally the entire organization around key priorities critical to the long term success of the business .

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What is innovation in business?

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Innovation is a popular concept these days when discussing business. In a recent business magazine headline that companies today must “innovate or perish”

Innovation in business refers to when the new product or service -. Or “new way to do something.” Innovation for business also includes improving the existing product or service to be faster, cheaper, or easier to use. Valuable innovations can improve an existing product that makes it more desirable customers (and potential customers).

Business innovation can be website of a new feature or performance in shape. For example, a software program can be improved to add new “automatic report generation features” that simplifies the process of creating and printing custom reports for each customer. This new feature can detect software applications from competitors that require manual report generation, which is slower and requires more training. Most customers will opt for the faster, automated report generation features.

Business innovation also includes the removal of features from a product or service. For example, companies can improve their existing products by simplifying the way the user interacts with the product. Current product may be too many buttons or controls that make it difficult to use or threat to potential customers. Progress includes the elimination of a few buttons or controls to simplify the business and make the product more “user friendly”. There are many examples of innovations that have removed features (or consolidated operations) to increase user satisfaction with the product. Most customers will choose the product that is easier to use.

Another example of innovation is valid functions in one product to another product. This is especially useful when a company has a successful product and other products that are less successful. Determine the reasons for the success of the first product and do some creative thinking to find ways to apply similar features or benefits to other products. You can determine the reasons for the product performance by asking clients, read reviews of the product, and to talk to the salesperson who sold the product. Find the key features that make the product well is valuable information on current products and product development future.

Look for potential innovative companies in their business by evaluating existing products and developing improvements that were set apart market. This can be as simple as adding a new feature or enhance the user experience.

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Process Innovation

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process innovation is one of the most actively implement innovation strategies currently being used by companies and organizations. Introduction of this important process innovation is presented in this article. Formerly known as process redesign, process innovation is defined by the OECD Oslo Manual, which

process innovation is the implementation of a new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and / or software.

“… The implementation of a new or significantly improved production … method” involves the development of new ways to produce products with a newly developed engine, new methods such as 3D CAD models for product development or the use of new technology like 3D rapid prototyping as part of the process or to develop new products.

As Davenport describes, process innovation is not about incremental improvements of 5-10%, but the improvement of 50-100%. By combining process part of innovation, companies and organizations are able to unleash enormous potential. Much of Japanese business success that culminated in 1980 and 1990 has been attributed to the application of process innovation.

Delivery methods are associated with the physical movement of product from the factory floor to the end user, such as a process manufacturer. This includes system is implemented in improving the delivery of the product to the customer and end-users, such as inventory control systems, IT systems and equipment related to the project.

Current developments in process research innovation focus

  • Focused Internal Collaboration – Creating transparency and accountability provided through the latest generation knowledge management (Service Oriented Architecture) platforms and dashboard technology to business agility. This involves the use of an internal database and IT systems.
  • Applied Customer innovation – Greater responsibility will be to give customers the management of purchasing and consumption experiences. A circle of “holistic innovation” will identify process steps as value-added or non value adding, with requisite innovations made possible. Process steps that do not add value will be shortened or completely eliminated. For example, using polling and surveys of online methods are increasingly used to obtain customer data to drive innovation.
  • Deeper Process and Data Mapping – Enterprise systems, processes, data and places listed from the granular level and mapped to another for maximum transparency and continuity. Without further insight into the lower levels of mission critical business landscape foundation, business process innovation will be constrained. Examples of this include the implementation of systems that collect and organize product development data. For example, if the customer identifies a product improvement, information automatically cycled back to the product metrics data.
  • Better Process Metrics -. KPIs and KPMs will better define and track, in order to better reflect the essential nature of the business process
  • Further Automation Workflow – Process steps are further electronically enabled and automated. Especially important is that the process in which data are stranded in a non-electronic form, such as water or gas meters and relies on manual data collection. The end goal should be to carry out as many business processes as possible online.

Process innovation can be applied to a number of industries and practices, from architecture to production. It is also very useful in the case of multidisciplinary activities like large-scale projects or when multiple vendors are used in a business model.

tough economic environment now warned the world will inevitably lead to a lot of consolidation and contraction in many industries. Keep in mind the current recessionary challenges, it is a given that most large companies will change, at least in the short term, and how they conduct various parts of the day to day dealings. The catalyst for organizations to “go green” is another reason that business entities will see many of the current process core business, optimizing and tweaking them for maximum cost and efficiency, while making them more sustainable and environmentally friendly.

Strengthening the innovation process will be absolutely necessary for the survival of many companies in this economically uncertain time, but it creates also a great opportunity for the company to better position itself against the competition with innovations in service delivery, operational transparency, organizational structure and better consumption of resources. Moreover, reorganizations employees and the merging of geographic offices and data centers can create a huge void responsibility and accountability for several mission-critical business processes.

Process innovation involves companies and organizations open up scrutiny and dramatic organization to improve overall results. At a time of great difficulty, as we all now face, the need for innovation is paramount. It is worth evaluation and potentially revolutionary changes in organizations to not only survive, but thrive in such cases.

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