43 % of executives say their companies have an innovation executive , yet 58 % of those companies say they do not have an innovation strategy .
An innovation strategy isn ’ t a fruit salad of best practices collected over time , but rather a customized set of interdependent processes based on the unique positioning of your business .
Choosing an Innovation Strategy Experts agree that it ’ s not a matter of limiting your company to one type of innovation approach . Rather , they can be complementary to one another , with two or more working well at different times for different products or marketplace dynamics . The key is to balance the various approaches with the current needs and capabilities of the company .
Overcoming Barriers to Innovation The two most often-quoted obstacles to a successful innovation program are an ill-suited organizational structure or misalignment with business strategy . These tactics can overcome such barriers : ÎTreat Î innovation like you would any other function in your overall business strategy . Similar to how major disciplines like financing and marketing align with business objectives , innovation , too , should be assigned its own resources , processes , and clear set of goals .
Don ’ t be afraid to do something daring and unexpected . Be firm in what your organization stands for and be willing to adjust accordingly . You may see positive results to your bottom line .
ÎInnovation Î requires communication and interdependence across departments . Align all teams around a goal via expressed procedures , processes , and metrics . Assign or hire an innovation champion whose job it is to ensure proper communication and execution .
ÎMany Î times the R & D or tech departments are left to be the chief innovators , while other teams must buy in on the back end . In that case , conflicting priorities among teams will lead everyone to pull in separate directions . Make sure the priorities of each department are in step with the overall innovation strategy .
In the end , it ' s important to remember that the goal of innovation isn ' t change in and of itself . Rather , it ' s ultimately seeking to create value — whether that ' s increased revenues , reduced costs , larger market share , or even broader social change . The right approach can help you get there .
18 | SNB . COM // CONNECT INNOVATION SUMMER 2016