Stay ahead of the competition with innovation management
In today’s volatile market, innovation is essential to keeping customers satisfied. Some products and competencies can last companies a long time, but others are very fleeting, because the world around us is changing faster than ever. How do you stay ahead of the competition with innovation management, and what do you need to consider?
- When do you make the jump from continuous improvement to innovation, and what will be your new strategy?
- What roles can Big Data & Data Science play in your products and processes?
- How do you encourage creativity in your team and how do they go from being risk-avoidant to brave and daring?
- How are you going to shape your new business model, and how do you test its market acceptance?
- What does all this mean for your organization, management, and the company culture?
You may be struggling with some of these issues. Innovation is more relevant than ever, and applying it can make the difference between a successful company and a struggling one.
From continuous improvement to innovation
There comes a time when continuous improvement stops working: all your KPIs (Key Performance Indicators) are in the green. That’s when you should be alert and see if your cash cows are going to have a long, healthy life, or if they’re not long for this world. It’s time to decide if you can stretch your strategy again or if it’s time to innovate your business model. Or your management dashboard may suddenly show red all over one day. The organization was asleep at the wheel and is jolted into action. Is it too late?
Definition of innovation management
Innovation management is giving a direction to the consistent improvement and renewal of products, processes, the organization, and skills.
Innovating with Big Data
You can be sure that Data Science is going to play an important part in the innovation process. Both on an organizational level (Business Analytics) and in the product portfolio and processes (Big Data). These powerful concepts cause disruption. If your competitor beats you to to the punch you start fighting a losing battle. Don’t let it come to that and start making new revenue models powered by Big Data.
Innovation always happens in the workplace and it takes creativity and courage to make room for that as management. For every success story, there are about four failures. But that’s not a good reason to avoid innovation! Success should obviously be celebrated, but mistakes offer the chance to learn and improve.
Seven tips for successful innovation
- Don’t do it from an ivory tower, but together.
- Not from the side lines, but in the primary process.
- Do it top-down or bottom-up, and then implement it.
- Put yourself in your customers’ shoes and translate that into innovation.
- Use Big Data for innovative purposes.
- Make all managers responsible in the innovation process.
- Facilitate this process with training, education, and coaching.
Agility and innovation
Hierarchical organizations are a thing of the past. There’s too much red tape and that gets in the way of successful innovation. The organization and its strategy must be agile in order to succeed in innovation management. Agile working and scrum have to be embedded deep in your teams. The challenge is staying in control as direction and management.
Our proven model of the intelligent organization (sensitive, smart, and fast) shows that you can put innovation management into practice by:
- Setting norms and targets and regularly evaluating and adjusting them.
- Consistently using information for analysis and action.
- Consistently using data for process improvement and innovation.
- Have discussions about the numbers, both positive and negative.
Of course that’s not all there is to it, but the 4 above points are the core of successful innovation. This all has to be embedded in a customer-focused, analytical company culture. Read more in our article “The 7 habits of highly intelligent organizations“.
New business models and change management
People are resistant to change. We usually don’t change until we’re forced to in order to survive, and by that time it’s often too late. That’s why change management has to prepare the organization for continuous innovation. By applying scenario thinking, multiple possible futures unfold for your company and its employees. These scenarios have to be translated into new business models and a completely renewed balanced scorecard with associated key performance indicators.
Our approach to innovation management
Our specialists and advisors are battle-scarred and tested in the field of innovation. They know like no others that a holistic approach is required to make innovation succeed, not once, but continuously. The steps in our holistic approach:
- Scenario planning: possible futures are translated into scenarios that fit your organization and its change potential.
- Strategy: the scenarios are translated into the overall strategy of the business and its product portfolio and target demographics.
- Balanced scorecard: all aspects of the organization are aligned for the design and implementation of the new business model.
- Key Performance Indicators: we define the most essential success parameters and visualize them on a management dashboard.
- Analytics: all the necessary insights and data sets for improvement and innovation are prepared using reports, analyses, and predictive models.
- Agile working: teams are empowered with self-direction, process management, and scrum-based development.
- Continuous improvement: the complete innovation process is embedded in a lean culture and practical process of continuous learning and improvement.
The benefits of innovating with Passionned Group
Passionned Group offers some immediate benefits:
✓ A sustainable approach to implementing innovation.
✓ Consultants with many years of experience in continuous improvement and innovation.
Choosing Passionned Group is choosing quality
Feel free to contact us for an appointment to discuss innovation and innovation management. Let us show you our clear vision on innovation and intelligent organizations.