Innovation is not just about research and development
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Innovation is key to solving business challenges and increasing profits. While many see innovation as just research and development, the innovation process can be used to solve any business problem. Not all innovations will be hugely successful, but continual iteration and innovation will move a company forward faster than other approaches. The document then lists best practices of top innovators, such as getting customer feedback early, using data to guide decisions, making decisions with the future in mind, and having a process that allows for fast testing and evaluation of ideas.
Innovation is not just about research and development
- 1. INNOVATION IS NOT JUST ABOUT RESEARCH AND DEVELOPMENT For additional information about Innovation please visit www.InnovationGrow.com
- 2. www.InnovationGrow.com When it comes to solving challenges and forming the strategies that will increase market share and profit or reduce costs and employee turnover, innovation is the key. Many people think that innovation is just a function of research and development, but in truth an innovation process can be used to solve any problem in any aspect of the business. It is unreasonable to expect that all of the innovations will be home- runs but continually iteration and innovations will move your company forward faster and with fewer resources than anything else. 2
- 3. www.InnovationGrow.com THE BASIC OF INNOVATION IS TO CREATE VALUE FROM IDEAS. There are plenty of lessons and tips that can be gleaned from studying the top innovators and here are some of the best practices: 3
- 4. www.InnovationGrow.com 1. GET THE CUSTOMER INVOLVED EARLY The top innovators get their customers involved in the process at the idea-generation stage. The feedback that is gained throughout the process can help to guide the pace of development and provide data to kill the unsuccessful projects earlier than they otherwise would have. 4
- 5. www.InnovationGrow.com 2. USE DATA TO DRIVE THE DECISIONS The top innovators are able to use data to drive any tough decisions such as contradicting directions of design. There are too many gut feeling decisions that are made and can contribute to wasted resources if the decision maker isn’t knowledgeable enough about the decision. It is far better to use the data to help evaluate how the new project fit into the puzzle and when to feed or starve certain innovations. 5
- 6. www.InnovationGrow.com 3. MAKE DECISIONS LOOKING FORWARD Top innovating companies think strategically about maximizing the opportunities that lie ahead rather than minimizing the mistakes that have already been made. Using a good innovative process will help to save resources and test more ideas that could lead to your next blockbuster innovation. 6
- 7. www.InnovationGrow.com 4. HAVE A PROCESS THAT ALLOWS FAST MOVEMENT Top innovators are those that are best able to put ideas into motion the fastest and evaluate the ideas faster than their competition. When using data to drive the decisions it is important to test quickly and just feed the machine. 7
- 8. GROWING BUSINESS WITH INNOVATION For additional information about Business Innovation please visit www.InnovationGrow.com