Much ink has been spilt on the topic of innovation and how to get people to buy into it.
However, once you get the green light on the innovation endeavour, how then do you successfully manage the processes of the change?
Here are three easy tips every CEOs and business owners should remember:
1. Refer to your Return on impact framework As with any business endeavour, companies want to know that their investment isn’t only profitable but also has a definite effect. The only way corporations can go about this is by comparing the current and projected innovation outcomes together.
What this does is that it enables you to go back to the drawing board and uncover further streamlining processes for your innovation process.
2. Ensure that the innovation is scalable In this era of digitisation, organisations need to be nimble when it comes to change - it’s mandatory for survival!
Unfortunately, companies are hell bent on pursuing a particular course of action or they are extremely glacial that they can’t respond to the external factors as fast as they should.
Businesses should ensure they’re flexible enough to reassess their innovation strategy, frequently, so that they move the productivity needle.
3. Your solution must reduce complexity Beyond increasing profits, having a tangible impact on business, the change you’re managing must simplify your entire business process.
There’s no point implementing a “trendy” technologically driven change just because it’s popular; if it isn’t making your company procedures easier - ditch it!
Business innovation should be impactful, profitable and reduce complexity.
Written by Sandra McLeod @Locomote