Innovation is more successful when formally managed

According to a recent survey by the Conference Board of Canada, more than half of the 450 companies surveyed have no formal innovation process. How is that possible? And we wonder why Canadian companies lag behind other countries in developing and implementing innovation.

Creating a process to manage innovation is not that difficult. Frankly, most organizations are probably already doing it in an informal way, but there’s no doubt they are missing some important components. Here’s a cycle of innovation organizations can use as a guide.

circle_of_innovation

Within this cycle of innovation, there are some questions organizations should be asking:

  • Where are the innovative ideas coming from? Where should they come from?
  • How do we evaluate the ideas to ensure we move forward with the right ones?
  • How do we know if an idea was successful or not? How do we measure progress?
  • What plan do we need to execute in order to turn the idea into something commercially viable?
  • How do we compare against our best competitors?

In a complex and inter-connected world, organizations can’t afford to miss any opportunity for an advantage. Managing innovation according to the process above may just give you that advantage you need.

Click here for more details on this cycle of innovation.


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