WHAT IS INNOVATION MANAGEMENT?

Innovation Management is about the commercial exploitation of ideas and insights. The most effective organisations create an innovation culture to get to that end point. We believe that an innovation culture is made up of 6 distinct elements – what we call the 6 Ps of Integrated Innovation.

The Commercial Exploitation of Ideas

Our Integrated Innovation Framework is a proven approach to managing ideas from concept to completion, from idea to implementation, through a combination of best practice tools and techniques in innovation management, training and consulting combined with our AI-enabled InnovX™ suite of applications.

Innovation Leaders are an international professional services company focused upon providing complete solutions to clients in the area of idea, insight and innovation management.

The Innovation Strategy

Innovation needs to start with Strategy. Leaders need to ask themselves what the high-growth or high-revenue areas the company needs to focus on. What success factors will you need to consider when planning something new? Planning therefore provides a context for the focus of innovation activities, enabling ideas to be generated that address critical business issues. This is the most misunderstood element of Innovation. The most innovative and successful companies actively plan for innovation! Ideas and innovation do not, as is thought, just come out of the ether and are not a product in the most case of chance or happenstance. They are worked on and developed.

The Innovation Funnel

It isn’t enough to just have a single idea. An Innovation funnel or pipeline reflects the fact that ideas must be captured, organised, screened, prioritised and managed. Unfortunately this if often done by ‘who shouts loudest’ or which senior manager has a ‘pet idea’. That’s not how the most innovative companies work. Without a structure funnel of ideas you increasingly run the risk of either too many ideas overwhelming the business causing paralysis, or the wrong ideas being implemented. In either case people becoming disillusioned as the watch the business follow the wrong ideas.

The Innovation Process

An Innovation Process is about managing creative ideas through to implementation – what is often called ‘Project Management’ in other areas of the business. Everybody likes to have a good idea, but somebody has to take it from a generic concept through to successful implementation. This includes assessing feasibility, creating a business case, developing, piloting and implementing it. After rollout of a new idea it also involves getting feedback and generating spin off new ideas and lessons on how not to do things! The bigger and more complex a business is, the more important that it has an effective Innovation Process.

The Innovation Platform

Platform refers to web-based software that helps management track an idea from its time in the funnel pipeline to assessing its value post-implementation. It is not just a task and resource-planning tool. With the advent of AI (Artificial Intelligence) and the Platform gives managers visibility and control and confidence over their entire innovation portfolio. Software platforms should ensure that all teams follow a common approach based on best practice, world class tools and techniques and provide real time reports needed for regular reviews. For examples of state-of -the-art AI driven innovation management platforms go to www.softools.net.

The Innovation Culture

An effective innovation framework also needs the commitment of key stakeholders. Senior management need to be open to new ideas as innovation only thrives in a supportive culture. There needs to be innovation champions driving every idea through to completion, executive sponsors allocating budgets and removing blockages. At all levels of an organisation people are effectively the eyes and ears of the business, constantly scanning for market trends and competitor activity. Training is also a key part of this element. Can you train people to be innovative? We think you can and given the right culture the training can help the business become truly innovative.

The Innovation Performance

Performance, the final P, drives all of this. The critical success factor for integrating and introducing innovation is how and what you monitor and measure. Defining the key performance indicators (KPIs), agreeing who sits in on the monthly Innovation Review Boards and focusing the agenda on innovation activities. Whilst keeping an eye on current financials is important, future success depends on getting your plan for innovation right and implementing it effectively in order to keep your organisation one step ahead.

WHO WE WORK WITH

INFINEUM – WORLD CLASS CHEMICAL SPECIALISTS

We are a Specialty Chemicals Company with powerful research and development capabilities providing innovative solutions that solve the complex challenges faced by our customers today..

Learn more here…

BIOECONOMY CORPORATION MALAYSIA

22-26 April in Kuala Lumpur we delivered an Accelerator Programme designed to help SMEs in the bio-economy sector create a strategy for their business and use technology to accelerate their growth

Learn more here…

PROJECT MANAGEMENT – DUBAI

What is the future for Malls in the shopping capital that is Dubai?

Learn more here…

What does Innovation Management really mean?

Innovation in business is not the same as merely being creative. Innovation and entrepreneurship go hand in hand but there is often a confusion as to what constitutes innovation as opposed to creativity. The analogy we at Innovation Leaders use is that Creativity is getting the wheels of a car to go round and the more creative you are the faster the wheels go round. However Innovation in business is about making the car go forward in the direction you want. If the wheels are spinning faster and faster then the car isn’t necessarily going any quicker and maybe not in the right direction. There are creative agencies whose job it is is to come up with lots of ideas, however business innovation is about deciding which of those ideas to implement and to apply them in such a way as to meet your desired strategy.

Why Innovate?

Gone are the days when a business could ‘muddle through’ and provide an average service or product. The internet has provided customers and suppliers with increased visibility of your business and the sector you work in. You have to decide whether you are going to be part of the change or be led by it. Innovation management means:

Enhanced competitiveness through fresh solutions keeping you ahead of the competition
New revenue streams as you develop new products and services and identify new revenue streams
Improved efficiency through optimisation and continuous improvement
Better morale through a workforce and culture infused with a creative mindset

The importance of innovation management cannot be understated in a business world where everyone is constantly looking for the ‘next big thing’ and where technology can change a marketplace overnight – providing both opportunities and threats to your business.

Who takes charge of Innovation?

Since it encompasses the creation of an innovation strategy, managing the innovation process and creating a practical solution to all those ideas and insights generated within and outside the organisation there needs to be Innovation Champions at all levels. A Chief Innovation Officer might oversee the who Innovation Framework but in a really innovative company there is a realisation that innovation is everybody’s responsibility. There is more to innovation than just being creative and coming up with a new idea!

Where does innovation flourish?

We believe that anyone can be innovative given the right encouragement and business culture. The 6Ps of Integrated Innovation Management are about creating the right culture where innovation will flourish. Some of the key elements are:

Empowerment – giving your employees the autonomy and resources to put forward and develop their ideas
Communication – letting people know how their suggestions are being used and improving cross functional communication
Reward and Recognition – rewarding ideas doesn’t have to be expensive but needs to motivate individuals and teams
Development – being involved in innovation in a business should be seen as a promotion and people should be given the opportunity to develop themselves accordingly
Fun – coming up with new ideas and trying different things should be fun. That will inspire people to do more

Who are we and how can we help?

Innovation Leaders are an international professional services company focused upon providing complete best practice solutions to clients in the area of idea, insight and innovation management. With Innovation Leaders you will find practical examples and results rather than just theory. We have years of experience of working with all types of innovation management, in many cultures and countries in many sectors and businesses. Whether you wish to investigate innovation training workshops, a consulting led approach to installing an effective innovation management solution, innovation coaching – or to investigate the latest in web-enabled AI platforms Contact us to discuss how we can help.

Innovation won’t happen by chance – like anything worthwhile it has to be worked at. Let us show you how.