Professional Documents
Culture Documents
INNOVATION
Innovation
involves
deliberate
application
of
information,
imagination
and initiative in deriving
greater or different values
from resources, and includes
all processes by which new
ideas are generated and
converted
into
useful
What is INNOVATION
Levels of innovation
Medical science
Fashion
Transport
Communication
Computing
Household objects
Importance of innovation
In the past, organisations have been
able to survive even with very limited
amounts
of
innovation.
Today
customers are used to products that
continually improve and make their
life easier. Innovation promotes the
need for constant change and
renewal, potentially impacting all
areas of a business.
Innovation management
Is the process of capturing and
managing organisational innovation.
Traditionally the territory of R&D teams,
today
many
companies
have
organisation-wide
innovation
management programs. This is due to
increased recognition that innovation is
essential for driving business growth
and
maintaining
competitive
advantage.
Barriers to innovation
The most common barrier to innovation in
organisations is a leader or manager that is not open
to new ideas.
Managers are also guilty of shooting down ideas
before they are given a chance
Time and resources are also significant barriers to
innovation.
Innovation is also seen to be too expensive for small
businesses to get involved in.
Organisations with the inability to implement and
commercialise new ideas are the biggest barrier to
innovation.
Recognising innovation
need to assess where you currently
stand.
need to assess the potential within
your team for innovation
check if they have the resources
they need to create and develop new
ideas.
Identifying the people who are likely
to be creative
Sources of Innovation
The main source of business
innovation is directly from employees
Another important source of
innovation are customers
Your business competitors can also
be a source of innovation
the importance of research and
development departments cannot be
overlooked
Developing a Product
The development stage is where many
great ideas lose momentum and fail to
make a significant impact on the success
of a business.
The development stage generally requires
the biggest investment of resources of all
the stages of innovation.
Many great ideas fail simply because of
their poor execution and delivery in the
market.
Execution &
Commercialisation
If a new product is truly innovative and has
been developed successfully, the execution
stage of the process should be the easiest.
many organisations fail to perform when it
comes to the commercialisation of new
products and services
marketing and sales team should be in the loop
all through the innovation process as they are
the people who know what the market needs
and are often the most honest about an ideas
true marketability
OBSTACLES TO INNOVATION
While it is overly simplistic to claim
that all organizations are dealing
with
the
same
obstacles
to
innovation, the fact is, there are
repeating themes and patterns that
can be noticed obstacles that will
need to be addressed if you expect
to establish a sustainable culture of
innovation are
Inadequate understanding of
customers
Innovation not part of the
performance review process
Lack of skillful brainstorm facilitation
Lack of "spec time" to develop new
ideas and opportunities
Inadequate "innovation coaching"
No creative thinking training
No reward and recognition programs