An article by Creately pinpointed that an innovation strategy must be in place if a company is to make it through the challenges that emerge through time. It is imperative to sustain and grow a business so innovation culture must be cultivated.
What is innovation in business?
At its core, business innovation is new value creation. It is something people are willing to use and pay for.
What is an innovation strategy?
Innovation strategy can be defined as an explicit roadmap to attain future innovation goals. It is a plan to harness business aspects to achieve competitive goals. It is not always prescient as it can be ad hoc in nature as well, filling immediate schisms. An innovation strategy is less about innovation tactics but more of a part of your company’s mission, vision, and value proposition for specific consumer markets. It simplifies and structures your innovation endeavors so that you can achieve maximum favorable results.
What does an innovation strategy aspire to?
- Enhance customer retention.
- Improve product or service performance.
- Mitigate competitive intensity.
- Increase the potential to become a brand/market leader.
What are the types of innovation?
- Gradual/sustained/incremental/continuous innovation
- This type of innovation is for the long term and is based on easily learned and developed. This has low-risk, low return.
- Radical/stopgap/discontinuous innovation
- This type of innovation may change an industry’s structure palpably and has a high-risk high return.
- Adjacent innovation
- This type of innovation leverages business operations into a new place, allowing your company to put existing capabilities to contemporary uses.
How can you develop an innovation strategy?
- Set the objectives for your innovation strategy.
- Engage the executive team.
- Pool and manage resources.
- Glean customer insight.
What should be the focus of your innovation strategy?
- Recruiting and retaining only the most capable workers
- Promoting transparency at all levels via sustained feedback
- Empowering employees to innovate and assume accountability
- Creating an innovative organizational culture
In collaboration with eCornell, Genashtim is proud to offer the Innovation Strategy certificate. Enroll today and create a dynamic and vibrant innovation strategy while efficiently coordinating and leveraging your organizational innovation process.
eCornell courses are approved by SkillsFuture Singapore for SkillsFuture Credit as well as by HRD Corp Malaysia under its SBL-Khas Scheme.