Innovations are commonly thought of as new and game changing. However, many innovations are improvements on something that already exists. It is important to create a culture of innovation within your organization, which means supporting productive failure.
The stages in the cycle of innovation will help your organization become successful in not only identifying new ideas, but also implementing them and integrating them into your company’s operations. You must engrain this cycle into the DNA of your organization.
There are four keys to successful innovation:
- Encouraging ideas from all sources. That means customers, employees, suppliers, and business partners.
- Doing a great job of assessing the risk and reward of those ideas.
- Focusing on effective planning and execution.
- Prioritizing the needs based on key factors.
For more details on these four keys to innovation, listen to my podcast.