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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