Innovation has always been a key method for enabling companies to achieve global competitive leadership. However, innovation is increasingly important due to pricing pressures and customer expectations for better products and services at lower prices.
Linda Sanford, senior vice president for IBM, in a discussion on "Is the U.S. Still a Hotbed for IT Innovation," defined six opportunity areas for innovation:
- Product
- Services
- Business Process
- Business Model
- Organizational
- Policy
Sanford was a speaker at the Fortune Forum on Innovation in November, presenting one of a number of forums on the hot topic. "Fortune" also has a great blog on Innovation.
I recently talked with Gartner Analyst Kathy Harris about Innovation. Her directive for innovation? "Innovation has become an imperative for organizations in nearly every industry. These companies can no longer improve the bottom line through cost controls. They need the top-line growth (and increased employee spirit) that comes from new processes, competencies, products and services. What's more, countries and governments are also focusing on innovation as the source of economic growth and power, and as a magnet for attracting or retaining a talented workforce."
Is innovation a priority for your company? Are ideas encouraged and generated at every level of the organization on a routine basis? Is it a good program, but not a great one? Many companies face the task of documenting business processes for regulatory compliance. Take that opportunity to improve current innovation initiatives and make everyone aware of its importance. Suggest adding an innovation, optimization, and technology review that occurs on a regular basis into your business processes. Reward collaboration and results! For a more detailed plan for creating an environment for innovation, email me.
"The greatest real thrill that life offers is to create, to construct, to develop something useful. Too often we fail to recognize and pay tribute to the creative spirit. It is that spirit that creates our jobs." Alfred P. Sloan, President of General Motors Corporation, 1920 - 1937, and Chairman of the Board, 1937 - 1956.
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