When innovation is the topic of discussion, money often rules the conversation.
Every organization wants to save money or make their operational dollars go further. Innovation is where that return can be found.
Ideas – Discovering ways to save more without drastically altering your operations is a challenge for every management and c-suite team out there. And as we previously mentioned, insights are crucial to solving these challenges. Before kick-starting new efficiency projects or launching new offerings, take a step back and ensure you aren’t missing any crucial insights or ideas that are waiting to be heard. Invest in tools and processes that make it easier to bring ideas like this to the board room –
- Areas to eliminate time and resource waste
- Ways to improve the workplace environment
- Feedback on improving products or services
- New markets and customers to target
- Ideas for new products or services
Action – While it may seem like all you need is a few great ideas for a strong innovation program, the greatest challenge for many organizations is taking action on them. Implementation of new ideas requires resources, time, patience, and a certain appetite for risk, and you won’t get anywhere if you don’t take action. Invest in the resources that your employees need to bring these projects to life, and most importantly take the time to reassure them (and yourself) that they have your confidence, and failure is a learning experience that forward-thinking organizations embrace.
Metrics – But embracing the idea that “failure is a learning experience” is far easier said than done. Successful innovation and improvement initiatives rely on extensive tracking and testing to help guarantee your projects are making a positive difference, and that your brainstorming, review, and development processes are as efficient as they can be as well. Embracing risk without taking the time to track your results only increases that chance of failure, which we can embrace but certainly would prefer to not experience!
At its core, successful innovation is simply the realization of projected returns on cost-saving initiatives and new product or service launches. It doesn’t have to be hard, but is certainly easier (on a repetitive basis) if you take the time to invest in strong and proven innovation strategies and practices to begin with.
Start turning Ideas into Repeatable Growth in 2018.