As a new decade befalls us, we are reminded of the importance of value innovation. It is the way to become more efficient, compete more aggressively, deliver better results to create more sustainable growth are abuzz.
If we define innovation as new ideas; thinking outside traditional boundaries; new products or services, how is it that one creates this thing called “value innovation?”
Here are two important ingredients:
- Ensure stakeholder readiness. If your stakeholders are not committed to investing and exploring new ideas, products/services, etc., failure is certain.
- Employ a well-defined process to bring the innovation to fruition. If you don’t have a clear plan to execute on, failure is certain.
How does your company value innovation?