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Innovation is one of the most bandied about terms in global business today, but what innovation actually means can be nebulous.
It is a continuous, iterative journey of learning, getting better, and then capitalizing on the opportunities that you identify as you learn and gain more insight into the future of your industry and the unmet needs and desires of your potential customers.
Innovation is an ongoing process that takes a lot of time, as do building the skills and capabilities you need to succeed in innovation in the first place. Thus, the best time to start working on innovation yesterday.
What we have experienced during our innovation journey, helping companies adopt innovation and practicing portfolio management is that innovation is unique to each company and there is no magic whip to make a company innovate overnight.
Along the way, we have learned a number of lessons with our customers about “what works and what doesn't.”
To succeed in innovation, you first need to understand how innovation works. The important thing to know about innovation is that it’s always difficult, and there’s always plenty of uncertainty involved.
Innovation management is a business discipline that aims to drive a sustainable innovation process or culture within an organization. Oftentimes, these innovation management initiatives utilize a disruptive method of change to transform business.
In this age of digital transformation, organizations are faced with the need to innovate more and innovate quickly. Innovation drives business growth and helps organizations stay ahead of their competitors. Innovation management helps generate new business models, create new products, services, and technologies designed for the hanging market. Proper innovation management also boosts customer satisfaction and employee engagement.
It's a simple message - innovation matters. In today's environment, organizations need to change (and keep on changing) what they offer the world and the ways they create and deliver that. It doesn't matter what kind of organization we are - big or small, public or private. The innovation imperative lies at the heart of what we do. Staying ahead means innovating daily. And not just the big projects - we need a steady stream of incremental improvements, a regular pulse of innovation in our products, processes, and services.