Innovation Strategy 101

Even though all the investments companies have made, innovation has been a constant struggle for most. A lot of companies, especially those from tech, have typically found it difficult to sustain innovation. Take a look at companies like Nokia and Yahoo. A few decades ago, they were the forerunners of their industry. Nowadays, the younger generation may not even know their name.

Businesses ask, why is it so difficult to create and sustain the ability to innovate? At its very root, the main concern is the failure to execute a plan. Having an innovation strategy will help close the gap that was caused by ineffective innovation execution. But before a business can even consider innovation strategy, they need to learn what it can bring to their business. 

What innovation strategy means?

Innovation is to develop anything from a new design, product, or even strategy. When it comes to innovation strategy, a company is to create a plan that can reach to the objectives they’ve made for their company. Other times, it can also be the process of developing a product that is not only new to the business but even unique to the specific industry. But, at the very root, innovation strategy is the creation of a long-term program with the objective of developing something new. 

How do you begin creating your company’s innovation strategy?

People have always turned to technology to make their life easier. For example, peeling a potato can be done with just a knife, but someone before taught that it would be better if there is a machine that can do that for you. This is the same idea companies need to keep in mind, and they need to constantly look for ways to simplify the life of their consumers. 

But aside from the consumers, even members of the organization want this kind of ease. Therefore, it is up to the company’s heads to ensure that the innovation strategy is in synergy with the entirety of the business. Furthermore, since a company is composed of different kinds of people, it is of utmost importance to ensure that all interests are aligned with a single objective. 

Define your needs

To begin your innovation strategy, you need to learn what your company’s goals are. Where do you see your company in a year, or even in the next decade? Once you’ve realized that, you can think of a business strategy that will lead to your planned goals. 

Support tools

Defining your needs is just the first step. Next, you will need to know what are the tools you will be needing to support your objectives. There are different innovation approaches you can choose from. You can decide to select a routine innovation that creates changes to what is already existing in the company, like an improved version of a company product. There is also radical innovation where technology is involved in making adjustments to the business model. If you are looking to recreate the business model, there is also disruptive innovation. While combining both technology and revision of the business model is called an architectural innovation. 

Designation of responsibilities

Once you’ve got everything settled, it is time to determine who will handle the tasks. No matter how amazing your plans are, you need to make sure that your organization is prepared. Is your team trained enough, or is there a need for you to outsource your human resources for innovation? It is crucial that every single member of your team is not only prepared but also has an in-depth understanding of the goal. You might be surprised by what other members of your group can contribute to achieving your company’s objective. 

Execution

After careful and thorough planning of your innovation strategy, it is time for you to execute your plans. However, no matter how well you’ve planned your innovation, be prepared for unexpected results and take note of the things you need to improve on. 

Conclusion

Innovation strategy may seem quite difficult in the initial process. It can be tedious and almost impossible. However, the right team, mindset, and plan can propel your company to the top of your industry. Furthermore, once you implement an effective innovation strategy, you can expect to reap incredible results in the long run.

Defining your needs is just the first step. Next, you will need to know what are the tools you will be needing to support your objectives. There are different innovation approaches you can choose from. You can decide to select a routine innovation that creates changes to what is already existing in the company, like an improved version of a company product. There is also radical innovation where technology is involved in making adjustments to the business model. If you are looking to recreate the business model, there is also disruptive innovation. While combining both technology and revision of the business model is called an architectural innovation. 

LEAVE A REPLY

Please enter your comment!
Please enter your name here