Innovation solves problems today in a way that positions us to address the unforeseen problems of tomorrow. “Incremental improvements have far less potential for future impact.
Innovation helps us to be comfortable with uncertainty and have an open mind - receptive to ideas from very different disciplines.
Very simply put, innovation is about staying relevant. We are in a time of unprecedented change. As a result, what may have helped an organization be successful in the past could potentially be the cause of their failure in the future. Companies need to adapt and evolve to meet the ever changing needs of their constituents.
Innovation is something new or different that delivers value to the world. Put simply, it is the future delivered.
Why Innovation Matters in Leadership
Innovation is bigger than a product or a technological platform. And in truth, it’s the innovations to organizations and management that precede product or technology innovation anyway. Great leaders don’t innovate the product; they innovate the factory.
George Bernard Shaw said; ”The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man”. Innovation often starts with something that annoys you personally and is relevant for you. Something you personally really want to change, because you need to. It’s the WHY for innovation.
Innovation is a process to bring new ideas, new methods or new products to an organization. Innovation is not limited to looking for a “big” idea to advance an organization’s competitive position; always looking for the “silver bullet,” . True innovation involve every single employee to look around their work area to identify small problems around them and to be empowered and responsible to solve them. Involving all employees in innovation continuously leads miraculously to great commercial ideas sometime in the future.
Why Innovation Matters in Marketing
Innovation provides an edge in being able to enter new markets faster and deeper.
Innovation put companies on the offensive. The company that builds a culture of innovation is on the path to growth. The company that fails to innovate is on the road to obsolescence.
Innovation is turning an idea into a solution that adds value from a customer’s perspective.
Innovation is the fundamental way the company brings constant value to their customers business or life and consequently their shareholders and stakeholders. Placing innovation into the core of the organization’s thinking changes the conversations, it alters the time horizons, it shifts the whole dynamics of where to go to grow and sustain the organization for the future.
Why Innovation Matters in Product Development
Innovation helps identify new features on products and services relevant to customer’s unique needs. Innovation, thus, creates customers by attracting new users and building stronger loyalty among current one
Innovation is the application of ideas that are novel and useful. Creativity, the ability to generate novel and useful ideas, is the seed of innovation but unless it’s applied and scaled it’s still just an idea.
Why Innovation Matters in Operations
By putting innovation at the center of the business, from top to bottom, you can improve the numbers; at the same time, you will discover a much better way of doing things — more productive, more responsive, more inclusive, even more fun.
When innovation is at the center of a company's way of doing things, it finds ways to innovate not just in products, but also in functions, logistics, business models, and processes.
Framing the challenges correctly is a critical key to innovation. For the most effective results, focus on the question, not the solution / idea. Studies show that when you ask people to think outside the box, you reduce the quality of your solutions. By asking more abstract questions, you increase the noise, lower the value, and reduce the relevancy of solutions. The issue isn’t that you need to expand the box. Quite often you are simply looking in the wrong box!