Innovation is at the top of the boardroom agenda in the highly competitive business 4.0TM era, with major firms spending anywhere between $5 billion and $25 billion yearly on research and innovation. Recent studies emphasize the importance of speed, scalability, and value for innovation in an increasingly digital environment by highlighting the expanding effect of digital technology on innovation programs across sectors.
The junction of opportunity, business, and technology is where innovation is most difficult to occur. The challenge increases when you reach the junction. How can you move quickly through the steps to extract the innovation’s fundamental value and unleash its untapped commercial and financial potential? If it wasn’t challenging enough, how do you make this procedure repeatable so that you can succeed?
Here are several points that we have developed over the previous ten years.
Finding “innovation intersections” at scale is best accomplished through an inclusive innovation process that sources concepts from all levels of the business rather than using a top-down or centralized method. Regardless of their positions, all employees have distinctive viewpoints that could inspire the “next great idea.” There may also be ideas waiting to be discovered in already-existing organizational forums.
Pick your Leaders and Ideas Wisely
You will need to be very selective in deciding which ideas and offers to invest in as you broaden your sources since you will soon be overrun with them. How far into the future is the invention? Is it going far enough in terms of utilizing new technology and/or upending established business models? To increase the likelihood of effective value creation, make sure all factors have been carefully considered and that the appropriate assessment criteria have been used.
Next, make sure the correct person is in charge of innovation. In order to successfully navigate the ups and downs of the innovation journey, you need someone with passion, drive, and tenacity in addition to business and technological competence. Ideal conditions would include having an entrepreneurial attitude, a vision for the invention, and a competent team.
Every innovation effort has a CEO who owns it, just like an organization does. A cohesive team that offers all the qualities the effort may need is something the leader needs to have. In addition to business and technological competence, this may also comprise functional skills like marketing, sales, IT, HR, and finance.
Although it would be great to have a team with all these skills, it might not always be attainable. You may need to decide which skills are essential to the team as sponsors of innovation inside your businesses, while supplying the other skills through a shared team that is used by many innovation initiatives.
Create, Shape, and Nurture
The process of moulding ideas begins with the conception of the idea, continues through proposal development and review, and lasts throughout the innovation life cycle. As the innovation sponsor, it is your responsibility to facilitate the interventions that turn an initial thought into a useful innovation. This entails developing the concept, putting out differentiators, fusing concepts to produce something more powerful, honing concepts for sharper focus, and supporting the inventor through obstacles.
Get Early Feedback while Maintaining Consistency
The greatest method to make sure you are truly progressing is to set short-term goals and milestones. Once the goal has been reached, it is possible to assess the actual progress achieved as well as any lessons learned, investments made, and market feedback. The results of the review can be used to plot the route for the subsequent milestone and the necessary interventions.
Obtaining early input from your innovation’s target consumers is an excellent method to accelerate innovation and stop value erosion. Be adaptable and willing to change your strategy to avoid investing in skills that may not be in line with your clients’ actual demands.
Altering your route could also include dropping what you formerly considered to be a brilliant concept and, in doing so, throwing away the work that has already been done (not to speak of personal pride). It is possible that the project will be abandoned outright. To be able to make decisions objectively and avoid spending good money on poor things, it is crucial to avoid falling in love with ideas.