3 Fundamental questions your innovation strategy must satisfy
Innovation remains a daunting quest in many businesses, in spite of substantial investments in management time and resources. Innovation schemes commonly fall flat, and some companies have a difficult time maintaining their performance. Why is it so problematic to form and sustain the power to innovate? The most frequently cited reason is failure in execution. However, it goes much deeper than that, the difficulty is deep-seated within the need for an innovation strategy that closely ties together the function of corporate-level business strategy and innovative undertakings.
To avoid distinctive gaps between your strategic business growth pursuit and your running project teams, 3 key features of your innovation strategy must line up from top to bottom at the operational level:
Where do you stand now?
Where would you like to be?
How are you going to get there?
Fulfilling these questions is what your innovation strategy will empower. This tactic is devised to deliver impact where and when it is expected.
We have all witnessed mission statements designed to empower and encourage employees to work towards a universal value-driven future, but majority of these, again, fail to execute which thus leaves people wondering why the idea did not work out as initially anticipated.
Overseeing innovation does not need to be as taxing as you’d imagine, rather than demotivating the workforce, it should be having the opposite effect. Dedicating enough resources and time beforehand will help in circumventing problems and in order to do so, affectively aligning where you are currently at, where you want to get to, and outlining how to get there, will be most beneficial in the long run.
Innovation is an appealing and highly gratifying way to work. The high degrees of complexity and ambiguity that come with implementing far-reaching and revolutionary ideas can be effectively de-risked through innovation and bring new-fangled and repeatable progression to your business. Whilst worthwhile, it brings in that creative spark.
It takes one to raise and idea, but a village to see it through.
At the CloudStratex Talent Academy, we can’t wait to explore what your ideas are made of.