Archive for March 27th, 2007
“Innovation Must Be Managed Like Any Other Business Process”
“Fast-growing [companies are] looking for ways to accelerate and then sustain growth. And they value innovation highly, broadly agreeing that innovation can be defined as the clever use of new ideas and ways of doing things in order to add business value and deliver hard targets and specific outcomes.”
“Innovation must be seen as a core component of an organization’s growth strategy and must be managed like any other process within the organization. That means targets must be set, funding and resources must be allocated, and skills must be available to convert innovative ideas into business and speed up the return on investment.”
[An innovative] “company needs to build imaginative business models, creative ways of organizing, and a culture that sanctions experimentation, learning, and managed risk. “
“The issue of lack of confidence in the company systems, and the lack of skilled people to execute innovation productively and sustain it, [are] significant hurdles to be overcome.”
“The obstacles of short-term focus and the constant pressure to deal with the immediate and urgent as opposed to the future were identified as frequent alibis that can easily stop progress.”
[There is a] “need for a disciplined process where what is learned can be replicated and embedded systematically in the organization. Coupling ideas and outcomes, and harnessing creative thinking in a disciplined way to solve a real problem, is new.”
“The challenge is to ensure that the disciplined process does not destroy creativity and innovation, which depends on unfettered and divergent thinking.” All of which requires forward-thinking management.”
Read Petter Scott’s The Innovation Quest on CIO Australia.
Reference source: Deloitte’s Reality of Innovation Unzipped (pdf)
