Everyone understands the value and promise of open innovation in the business world – from brand awareness and customer engagement through to the search for fresh answers. But, truth be told, most programmes are failing to deliver results because their dynamics are too complex and the processes used are proving inefficient. A lack of relevance is also strongly affecting returns.
Which companies are ensuring their place in the future? Definitely not those sticking to conventional models in work organisation or in structuring and running their businesses. As evolution teaches, the ability to adapt to environmental changes, such as the ones we experience in the corporate world, determines who has a better chance of thriving. So, is your company’s DNA set to evolve?
Apple, Google and General Electric success stories centre on groundbreaking characters and geniuses. But 99% of companies worldwide are unlike any of these. Most organisations are made up of people like you and me: reasonably proficient in innovation management but surrounded by innovation agnostics. People who can share with us the tough, yet stirring mission of pushing boundaries to shape a bit of future.
We are moved by goals. The resolve to reach the finish line pushes us forward: at work, in life. Why then do we keep idea management initiatives alive when it’s not clear what results they deliver (if any)? And how often have we yearned for a formula that definitely makes it all happen?
More than ever, companies need to engage their employees to assure long-term viability. Yet, overwhelmed with information, people’s attention spans have become shorter and shorter. Their willingness to contribute to lateral activities has shrunk, particularly if these are boring or create anxiety. And innovation is often no fun…or can it be?
In the autumn of 1906, 85-year-old Sir Francis Galton made a fascinating discovery on the judgment power of crowds: The accuracy of groups is far greater than of individuals. It’s a well-known story yet worth recapping. Surprisingly, the central character is a fat ox.
Benefits abound when organizations fully engage their employees. Deeply involved employees are more efficient—working longer hours and going beyond what is asked— and, organization-wide, engaged personnel directly impact financial results. A Towers Perrin study found a 6% higher profit margin in companies with engaged staff, while Gallup reported higher employee engagement scores positively correlate with increased earnings per share.
Heidi Hattendorf, director of Innovation Development, Motorola Solutions takes a deep dive into how you can create an innovation framework at your company that will positively impact your business results and culture. The article describes seven steps that will help you implement an “inside out” approach to innovation at your company.
You can hardly scan the Internet or pick up a business magazine without seeing references to innovation. Companies everywhere are emerging from decades of cost reductions and are now focusing on efficiency, while looking for the next breakthrough idea… the next Post-It Note, the Frappucino or even the new Internet.