Learning From the Past
How Understanding Failure and Success Fosters Effective Innovation
When people think of innovation , they ’ re likely to imagine a forward-focused , trend-driven process built around creating the next best thing . But prudent leaders know that you simply can ’ t improve , grow , and move forward — the goal of innovation — without examining past outcomes .
By identifying what was done right and admitting what could have been done differently , you can actually accelerate innovative progress . That ’ s because such examination can help you determine and address what factors have hindered your company ’ s growth . This enables you to overcome common issues such as refining too early or quickly , focusing on style over features and benefits , or not taking past experiences and learnings into account — each of which can compromise the effectiveness of new business practices or plans .
Key factors to consider in evaluating your past : ÎDetermine Î the ‘ Why ’. Pinpointing the motivation for innovation can help you determine whether an update or improvement was truly needed .
ÎAnalyze Î the Audience . Reviewing responses to past releases and updates will provide insight into your audience ' s attitudes , motivations , and behavior , helping you tailor future innovations to user needs .
ÎEvaluate Î the Whole Picture . A consistent brand experience with each business update — from initial contact through purchase — improves a company ’ s image and promotes consumer loyalty .
Sterling National Bank helps companies of all shapes and sizes evaluate what financial products best serve their growing business needs . Contact your relationship manager to discuss what options are available to you : 855.274.2800 .
Navigate Unchartered Waters
Embracing Ambiguity and Uncertainty in Innovation
Leaders are taught to set goals , announce plans , and recognize success in order to foster progress and growth . Yet when it comes to innovation , things aren ’ t nearly as linear as this model suggests — making it difficult to cope if you ’ re not willing to adapt to the uncertainty that innovation generates . In order to embrace the ambiguity found in such unchartered waters and still reap benefits along the way , keep the following guidelines in mind :
Uncover Potential
Innovation ’ s flexibility allows you to throw off the constraints that pigeonhole your company and product , prohibiting the flow of creativity and exploration . Opportunities for growth often exist outside-the-box . To explore these , you must think on a broader scale , recognizing potential and being open to needs that the uncertainty uncovers .
Get Perspective
The free-flowing process of innovation involves problem solving — allowing the uncertainty of ambiguity to exist as you seek out moments of clarity . Pinpointing problem areas highlights the ‘ why ’ behind their existence . If you rush through the uncertainty and try to innovate without this perspective , you will never advance .
Embrace Process
Only through trial-and-error can you reflect on outcomes and adapt innovations for success . By accepting and encouraging exploration , and creating space for embracing the discomfort of uncertainty , you allow the cyclical innovative process to thrive without restraint .
CONNECT INNOVATION SUMMER 2016 // SNB . COM | 3