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Innovation is key to success, if driven carefully.
Let us first understand the word “ Innovation ”.
“ Any product, process, service or business activity that creates a unique and compelling solution valued by customers”
- Innovation can be a new product, service or process, new market, new business or marketing strategy.
- It can apply to any part of the business system
- It can apply to ways by which a company deals with customers- new business model
Innovation can happen in any business that has adopted the following4 principles as opined by Peter Drucker.
1. There is only one valid definition of business purpose: to create satisfied customers. It is the customer who determines what the business is. Because it is its purpose to create satisfied customers , any business enterprise has two and only these two basic functions: MARKETING & INNOVATION
2. Every unit of the business should have clear responsibility and definite goals for innovation
3. Every organization needs one core competence and that is INNOVATION
4. Businesses do not produce products and services, they create markets (customers). Ability to create and own market space is the key to sustainable competitive advantage
In order to promote innovation, understand and adopt the three key enablers
- Create a positive and supportive environment for innovation – Innovation leadership.
- Identify superior best practice s and technologies –Innovation processes
- Provide unique solutions to customer problems by staying close to customers – Innovation Marketing
In order to nurture a culture of innovation; ProvideInnovation Leadership : First of all, create an environment where the peoples abilities are enhanced and where leadership acts as liberator of the strengths and not a limiter of peoples' highest talents.
- Organization must adopt a Innovation charter
- Drive innovation personally :
- CEOs must demand innovation
- Must lead the formation of a culture that support innovation
- Participate personally in making the necessary choices and decisions
- Turn current company vision into Innovation Vision
- The leadership must have courage and commitment to making necessary funds and resources available
- Nurture Market focused Culture
· Make things that people want to buy
· Integrate consumer’s needs
· Marriage of “what’s needed” with “what’s possible”
· Constantly tuned in to the market shifts and needs immediately involved with customers
- Move funds close to ideas
- Funds must be idea driven and not calendar driven
- Move people to where ideas are
- Develop innovation champions and mentors
- Provide recognition and awards
One important way to encourage innovation is to delegate authority to your subordinates and colleagues. This would make them feel more empowered, giving them the opportunity to take their own decisions and therefore think about new ideas and possibilites. Another way is to fund and encourage R&D efforts. This would provide the employees with the base and tools to get their innovative ideas into reality. Finally, de-centralize decision making to allow for a more efficient work in the company, thereby facilitating innovation efforts
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