We’ve just published our latest white paper, a compilation of learnings from a series of interviews with innovators. (Click here to download a free copy) What did we learn? While innovation remains important in today’s economic environment, it is beginning to take on different forms in some organizations. While innovation efforts in the past may have focused predominantly on growth, companies are now using innovation to streamline operations and realize opportunities for cost-savings. Savvy organizations are then taking those cost savings and funneling them back into innovation efforts to fuel future growth and ensure long-term success.
While C-suite support and strategic oversight have historically been important and will remain so going forward, other themes emerged from our conversations that raise some thought-provoking questions:
• How is innovation defined within your organization and what is the ‘mandate for innovation’?
• Is your organization actively exploring innovations that result in lowering operating costs and realizing efficiencies?
• How can your team best support innovation within your organization – by incubating ideas, facilitating processes, or both?
• Does your organization have enough of an understanding of its employees to effectively tailor and personalize rewards and recognition around innovation?
The biggest shift in focus seems to be around the “front end” of the front-end of innovation. Innovators are taking on the role as ‘problem definers’ in addition to being ‘problem solvers’. In doing so, they are uncovering deeper consumer insights, building alternative scenarios of the future, and identifying the optimal hunting grounds in which to innovate.
How is your organization building the necessary skills that enable employees to better identify and capitalize on opportunities for your business?
Click here to download a free copy of Innovation in Good Times & in Bad.