How to Navigate the Road to Innovation

Innovation is crucial for every organization today. Given the dynamic nature of business and technology disrupting everything from supply chains to operating models, innovation is the base for any new strategy.  In this article at Strategy + Business, Cyril Bouquet and others explain how innovators must prepare for their journey like adventurers. The authors believe that innovators must study the market conditions and be prepared to respond to dynamic elements along the path.

Ways to Navigate Safely

Embrace Failure

Innovation demands taking a certain level of risk. With risk comes failure. Organizations must be prepared for reality. Breakthroughs do not occur when enterprises play it safe. Additionally, organizations must provide enough freedom for innovators to experiment and explore new opportunities. Failure does not always mean mistakes. It means a valuable lesson learned.

Dedicate the Right Resources

Innovation requires a range of resources, from dedicated time to support staff, depending on the project’s scope. Some organizations have established innovation teams focused on developing new products, processes, or services for the organization. Organizations that do not have dedicated resources must empower employees to give them the ability to be more innovative.

Train Innovators in Design Thinking

Design thinking is a customer-centric approach to brainstorming new ideas and solving problems. Encourage innovators to explore as many possible solutions as they can. Then, guide them towards converging ideas and concepts that resonate with customers and meet business goals. Design thinking sparks creativity and provides companies with a better understanding of their end-user. Furthermore, it takes the right mindset, culture, and organizational design to enable bottom-up innovation.

Reprioritize Tasks

Revisit the innovation pipeline with fresh eyes and reprioritize the resourcing. Reconstructing the innovation portfolio based on what will drive the most value enable business leaders to reallocate resources toward the opportunities.

Before embarking on an innovation journey, ask yourself what factors could make or break your solution. Understand all the frictions it could create and learn if innovation meets business goals and stakeholders’ expectations. To read the original article, click on https://www.strategy-business.com/article/Being-an-expert-navigator-is-the-key-to-innovation-success?gko=9f521.

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