Making decisions when you don’t have a keen understanding of what’s really going on is a recipe for disaster.
A never-ending list of issues can arise. Efficient processes are altered. Products are launched that no one wants. Critical positions are eliminated. That being said, one of the best investments you can make when it comes to innovation is to change or improve how your program collects and analyzes feedback, data, and information.
Big-data is a big topic of discussion for a reason. Having a solid grasp and understanding of the numbers behind your operation can unlock huge savings and opportunities in the future. From time and quantities to dollars and cents, having the capabilities to collect and organize data is essential in every industry today. Don’t forget to take time to analyze, digest, and act on this information as well. Data without action is wasted.
But insights aren’t just about numbers and analytics. They’re about human-capital as well, and the knowledge, experiences, feedback, and ideas inside the heads of your employees, customers, suppliers, and more. Of course, there are many ways to collect potentially profitable ideas and feedback from those individuals. Your budget and dedication to improvement will determine how much you’re willing to invest, from something as simple as more frequent brainstorming sessions to a standalone idea management system.
Innovation isn’t just about new projects. It’s about the data and insights that inspire or necessitate those projects as well. Investing in better systems such as innovation software to collect and analyze data and insights from your operations and employees can help you reap game-changing rewards from previously unrecognized opportunities.
Start turning Ideas into Repeatable Growth in 2018.