Innovation is one of the most important keys for successful business. With innovation, your business will keep moving and growing. However, innovation won’t work without the right strategies being applied to it. Thus, strategy and innovation is linked to one another. Innovation is not always brilliant or promising. Innovation also contains risks you need to calculate. If you use the right strategy, you can minimize the impact of the risk or reduce the risk itself. Thus, the innovation do your business good.
Implementing innovation with strategy
Your business needs to keep growing because being left behind will only make it difficult to achieve success. And that’s when you need innovation to keep your business alive and thrive. However, it is not only finding innovation that matters for your business growth. Applying the right strategy to the innovation you found is just as important.
First thing first, you have to define the innovation. You need to find how this innovation can help your business to grow even better. The types of ideas you find from innovations should be analyzed and calculated. Thus, you will find out how that innovation produce ideas resulting in significant margins and revenue gains. Every business may define the innovation differently. For some business, innovation might be unique in order to compel to their customers. Every business also evolves their definition of innovation over the times. You need to review and fine-tune your definition of innovation.
After defining your innovation, you have to know how to manage it. It means, you try to find out how to make it successful by establishing the right team to increase the innovation in your business. In establishing the right team, you need to select the right people to work with. You also need to decide the role of the team following the innovation you find. The best role for the team is to facilitate or incubate the innovation. It is also possible for your team to have double role in both facilitating and incubating innovation.
When your team functions to facilitate innovation, they must assist other business units in their innovation efforts. It can be between your business units and external partners. Advancing across multiple divisions is what your team should do in fulfilling their role as facilitator of innovation. When your team’s role is to incubate innovation, they have to develop breakthrough ideas from the beginning till the end. This is one of the hardest roles of team when it comes to managing innovation. However, this process is necessary to make sure the innovation works wonderfully to your business.
Then, it is also important to measure the innovation. In this matter, you need to use metric to measure more accurately. Aside from measuring, metrics can also diagnose and improve innovation. That’s why it is essential. Through metrics, you will be able to identify many possible issue that can affect your business. The metrics also serve as learning opportunities during the entire process of innovation.