We have to move beyond a focus on traditional product and service categories to pioneer innovations in business processes, supply, operations, distribution, value chains, business models, competitive intelligence, and even the functions of management to survive and thrive in today’s hypercompetitive business conditions.
How can you foster innovation in your organization?
- Senior management has to identify the innovation as a top crucial parameter to grow and compete in local and global business world.
- Train all of the people in the organization about effective innovation management, operational excellence, productivity, alignment and organizational agility.
- Establish a culture that fosters idea generation, openness, experimentation and customer intimacy that will turn good ideas into profitable business that brings competitive growth and profitability against peers.
- Select the right leaders and talents. Don’t work with poor leaders and talent. Remove disengaged people from the organization. If your hiring people are poor quality, they will hire poor people. Reward the success always! Be careful!
- Develop innovation leaders. Benchmark your innovation capability against peers.
- Make regular competitive intelligence and take suitable actions on time.
- Make sector analysis and if necessary make healthy disengagements on time. Don’t be late. Otherwise, your business will fail!
- Build a business process for innovation and regularly reconfigure it. Be close to customer interactions, interests, needs, observations, motivations and also new technology and services in the local and global markets.
- Innovation is a science and discipline of connecting innovation to the business success in a hypercompetitive business world.
- I believe that it’s time for a wake up call for many companies to prevent bureaucracy and leading creativity and innovation to achieve transient competitive advantages. They have to reevaluate their top management structure and capability!
- Apply systematic, continuous and long-term innovation management strategy and regularly reconfigure it.