Innovation is the ability to generate creative ideas (for products, services, processes and the like), transform them into salable items and successfully insert them into the marketplace in a continuous fashion. Or use those new processes to help you achieve your company’s goals.
New processes might include new marketing or sales methods, new service delivery techniques, new financing approaches, etc. In every case, it is not an innovation until it is being used to help your company achieve its goals.
We have been helping companies with innovation for over 15 years. Before that we worked in the high technology industry where we competed by out-innovating our competitors. Our thinking on innovation is based on these combined experiences.
The “amount” of innovation necessary for your company to compete is driven by the strategy you have chosen. Once that is determined, being effective and efficient with your innovation is critical to your success. There are three areas that affect your innovation effectiveness and efficiency:
- How you lead the people and teams involved with innovation
- How you manage the processes you use for innovation
- The overall culture of your company and whether it is in alignment with the innovation requirements of your strategy
Understanding how each of these affects your innovation output and which area(s) needs attention and when is how you improve your innovation effectiveness and efficiency. You can learn more about our thinking in these areas by reading some of our white papers.