Innovation is at the heart of ongoing business and organisation success. Business survival depends upon innovation, whether incremental or fundamental. Consequently, innovation management is an essential skill for business leaders and owners. Importantly, the benefits of innovation may have no relationship to the size of the innovation itself. Small changes to products, services or processes can sometimes deliver transformational business benefits.
Business leaders and owners need the ability to challenge the status quo with a view to improving service, products, business processes, staying ahead of competitors, engaging staff or suppliers and ultimately ensuring ongoing success and more profit. So, business owners and leaders should continually ask questions and seriously challenge the current ways of working. Who should they ask – themselves, their leaders, their staff, their customers, their suppliers and other experts? All of them!
Why is innovation management important?
Innovation is simply the introduction of something new – e.g. knowledge, an idea, a method, a device or a technology.
As we have pointed out, an important point is that innovation can range from very small changes to major change. The benefits of the change may have no relation to the size of the innovation and the level of work involved in implementation. Very small changes can sometimes have business transforming effects.
Consider the successful organisations of today and the way they operate, the products they provide or the services they deliver. We challenge you to identify any successful organisation that has not achieved its success through innovation – either as a leader of change or a follower. On the other hand, there is a long list of organisations that no longer exist because of a failure to innovate effectively.
Simulthink can help
Star UK Associates helps businesses, leaders and teams to innovate through a range of innovation management tools and processes.
- Creativity processes and tools
- Developing an innovation culture
- Problem solving
- Competitor analysis
- Best practice review
- Converting ideas into results
- Idea evaluation
- Experiential activities