Innovation is the engine that drives companies forward. But why doesn't that engine get going properly in so many organizations? Three common misconceptions explain why innovation investments don't always deliver what you expect – and what you can do about it.
If you only think of innovation in terms of new products and technological gadgets, you are missing a huge part of the pie. Doblin's 'Ten Types of Innovation' already showed in 2013 that innovation is much broader. Think of your business model, internal processes, customer experience or even your brand strategy. Organizations with a balanced innovation mix appear to be more agile and innovative.
Examples?
🔧 Fix:Balance your innovation strategy. Look for improvements in all types of innovation. How can you make processes smarter, strengthen your brand or offer a unique customer experience? The biggest gains are often not in products, but in how you do things.
Leaving innovation to the R&D department is like playing a football match with only one player. Successful innovation requires a team effort. Employees outside the R&D department often have direct customer contacts or see where the process is not going well. That's where the best ideas arise.
Research also shows that innovations only really pay off when they are supported by the entire organization. This is the only way to increase the Return on Innovation Investment (ROII).
💥 Fix:Create a company culture where everyone can contribute to innovation. For example, start with innovation programs in which each department can provide input. This not only produces better ideas, but also ensures engagement and faster implementation.
Many managers want to innovate, but lack the right knowledge and tools. Surprisingly, innovation management is still hardly addressed in the curricula of universities, colleges or MBA programs. This leads to vague plans without structure or direction and well-intentioned initiatives that are wrongly managed, which actually stifles innovation. Sin!
Managing innovation is not a trick, but a professional field with proven methods and strategies. Without that knowledge, many managers get stuck in ad hoc projects or 'innovation weeks' that have no lasting effect.
🚀 Fix:Invest in innovation knowledge for managers. Train them in how to develop a broadly supported innovation strategy, how to manage creative processes internally and how to successfully bring ideas to the market. Managers with a clear innovation GPS know where they want to go and how to get there.
Innovation is not a fluke, but a matter of smart organization. Make sure you don't get stuck in product thinking, involve your entire organization and strengthen your management with the right knowledge and tools.
If you avoid these three innovation mistakes, your company will get a better grip on innovation and you will get much more out of your innovation investments.
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