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When it comes to fostering continuous innovation, most organizational cultures stink at it. Industry research provides some interesting statistics which highlight that innovation is not easily obtainable and that companies are not innovating fast enough to repel the unrelenting threat posed by new market entrants with declining barriers to entry.
Arguably, the principle of Open Innovation was utilised for the first time by Professor James Murray in 19th Century Oxford, England. In the time that has passed since then, this concept has become infinitely easier to implement thanks to the development of Innovation Management technology, however some companies are yet to wake up to its potential.
Innovation hubs are popping up from Addis to Amsterdam and Boston to Bangalore. Fuelled by ideals of openness, community and collaboration, hubs aim to be the next orgware for innovation—beyond business incubators and R&D labs. Managers, policymakers and investors have taken note, but are grappling with how to engage. What makes hubs so appealing and can they teach innovation managers anything new?
It is always a great achievement when we can affirm that something has been done according to one strategic plan, goal or thought. Sound strategic planning capabilities depend on industry/sector specific understanding and full perception of the external competitive environment. In the sixth and last of a series of articles focused on Innovation Culture, the focus is on a process called Market Intelligence (MI). This process can be affirmed as a cyclic, continuous organizational process that deals with dispersed data, information and knowledge in a competitive sector, to produce knowledge to be applied by companies in their strategic marketing planning.
Have you seen this equation: innovative = creative? Novelty always comes from “outside the box,” right? It’s a land of confusion to many, who then conclude they are just not the creative type. As a result, organizations lose out because being innovative is but one of a myriad of ways to being creative. All people can be creative—in their own way.
Many product organizations have some type of Project Management Office (PMO), even if they refer to it by a different name. The PMO is a critical component to a successful product delivery, yet it often carries a reputation for being heavy-handed policy enforcers. When focused on the right things, the PMO plays a pivotal role in driving innovation process excellence and ensuring profitability.
In part two of this series looking at ways organizations can support intrapreneaurs, Anthony Ferrier suggests a list of strategies and approaches to improve the effectiveness of intrapreneurs in your organisation.
Innovations should clearly contribute to growth, optimization and protection of the business. However, CEOs often challenge innovations already at the beginning of respective discussions and huge amounts of ideas get lost, together with prospective business benefits. In this IM Channel One Roundtable Discussion we introduced EY’s way of utilizing innovation management to address the three most relevant board room challenges: top-line growth, bottom-line growth and business resilience.
Innovation Games and its rapidly increasing applications are not anymore unknown concepts to innovation driven organizations. Either referred to software applications or other online and offline game methods, all its elements are powerful means for fostering workplace social intelligence and innovation practices. In the fifth of a series of articles focused on Innovation Culture, our attention is on the emerging business use of innovation games beating all the traditional creativity and analytical tools.
Cast your mind back, to pre-2008 times, when bright and bushy tailed graduates would come out of business school looking for roles in the relevant employers of choice. Generally those organizations were large businesses, providing incentives such as expensive dinners, a career advancement path and generous financial packages.