Innovation cannot be a stand-alone or one-time program. You require an end-to-end innovation strategy with a framework for measuring performance and high-level goals. And you want an Innovation Network with widespread reach. This is predominantly crucial if your company is worldwide.
With innovation occurring on a very small scale, with one team getting two ideas per month, or so – it was difficult to create a civilization of innovation across the company. It was not until marketing introduced innovation as a strategy driving feature that the silos came down.
Every business must determine the amount, as well as type, of innovation essential for achieving the firm’s vision and mission. While innovation is the groundwork of long-term success, it is not necessarily required at all times depending on the market situation, competition, product-life-cycle (PLC), business strategy, and timing of last innovation. Bear in mind that more innovation is not essentially better. Therefore, entrepreneurs must verify the type and amount of innovation required that aligns with their overall business resources and strategies.
One of the main bases of innovation platforms is networking with people surrounded by and outside of the organization. By doing so, not only would you expand a network of crucial knowledge for unremitting improvements but also well-built partnerships that could help you attain your innovations. For instance, customer feedback could help you improve products or services offered; employees could help you improve business models; other businesses could help you innovate and streamline your distribution channels and business. Keep in mind, successful organizations are very effectual at building networks and using an enormous array of resources to achieve goals, capital gains, and objectives.
To make sure innovation success, organizations must also incorporate systems that properly motivate, measure, and reward ingenious individuals. Whether negative or positive, every person reacts to stimuli and your organization’s innovation is no exemption. Fundamentally, you will never reach your innovative goals if people are not suitably rewarded for their efforts. So do your best to create a vigilantly designed system that not only measures the accomplishment of innovations but also rewards innovators with incentives for their difficult task. Failure to do so would eventually result in a dispiriting environment lacking innovation, motivation, and a structured process for guiding the development of concepts and ideas. Innovation theory focuses on the revelation of excellence when organizations and their members break free from the constraints of customs and perform some extraordinary action.
The Innovation Platforms Approach is one of the broad approaches to problem-solving that innovators acquire. Platform Thinking adds an additional step to the optimization approach. It enables the creation of more inventories without creating more stuff, instead of simply aggregating information on stuff out there. The platform approach is new. Much of this difficulty solving has come up only in the last ten years and few solutions have established the kind of success that the stuff approach has. By taking up innovation and incorporating it into the firm’s state of mind and overall business strategy, organizations could not only become a leader and redefine their industry but also create new ones where the convention are in their favor.