An organisation that believes in the importance of innovation takes the steps necessary to ensure it is a top performer. Below, Scott J. Edgett suggests that the first step in improving your own company’s innovation capabilities is to understand where the strengths are and where improvement is needed, and argues that the ability to increase business value through innovation is a major success driver.
3M, Abbott Nutrition, Baker Hughes, Corning, GE, Lego, Nestlé, Pepsi and Starbucks, all from different industries, yet all have in common the ability to be product innovation juggernauts in their respective markets. These companies and many others have successfully created and support an internal innovation capability that drives new products into the marketplace year after year with remarkable success.
Why are these firms more successful at innovation than their competitors? First and foremost, each has recognised and worked hard at making innovation a critical capability within their organisations. It is understood that the ability to increase business value through innovation is a critical success driver.