- 1 Defining corporate innovation
- 2 What makes corporate innovation important?
- 3 How to execute a successful corporate innovation plan?
If you conduct research, you will notice that the number of businesses is growing every year. Thanks to the Internet, most of them have access to the global market and that’s one of the reasons behind this growth.
These facts mean one thing – the competition in the world of business is fiercer than ever. Modern businesses have to do everything they can to stand out and corporate innovation is definitely one of these things that can help them.
Defining corporate innovation
Obviously, corporate innovation is a type of innovation that is related to all the organizations that are operating in a corporate setting. As with many of these newly coined, there are many definitions of corporate innovation.
For most experts in this field, corporate innovation is a form of innovation which supports planned encouragement of thinking and problem-solving from a different, unorthodox perspective within a corporate setting.
What makes corporate innovation important?
Unlike small businesses that seem to be more mobile and adjustable to changes, corporations tend to be slower. As you know, many corporations were forced to shut down their operations in the last few decades. Simply because they were unable to accept the changes in the market. This is even more common today when things are changing very fast.
With the help of corporate innovation, large companies can get a chance to identify these opportunities in the beginning. In case your business is unable to adjust its operations to changing circumstances, your competition will do this right away.
Intentional innovation plans have saved a lot of corporations in recent years. If you take a close look at some of the most successful online brands for example, like Facebook or Amazon, you will notice that they are introducing changes all the time even though the regular users think that these platforms don’t miss anything. But, the management of these companies knows that they have to evolve and change according to the changes in the market.
Corporate innovation brings a wide array of benefits to those who are practising this concept. Numerous businesses have witnessed increased revenue, faster market penetration, improved employee retention, increased brand visibility, improved customer satisfaction and few other things with this type of innovation. Successful innovation is crucial for modern companies regardless of their size.
How to execute a successful corporate innovation plan?
If you are wondering how to innovate in a corporate environment in a successful way, then you should know that there are a few secret ingredients that can help you. So, in addition to the basic elements of a plan like this, you have to throw a few special things to the mix.
Innovation that matches your business strategy
It’s crucial to remember that the process of corporate innovation is not an independent process. This set of activities is part of the business strategy of your company. So, you must know your business priorities in order to create an innovation strategy. Let’s take an example.
Let’s say that one of the main goals of your company is to become present in a new market. In this case, you will have to focus your innovation efforts on market penetration. You will have to make experiments to see how different approaches work. Keep in mind that you don’t have to start from scratch. You can sometimes upgrade and update the activities of your competition.
The power of evidence in the corporate innovation process
In order to create a successful innovation strategy, your team has to take actions. They need to be based on evidence rather than making guesses or using their instincts. So, you have to gather evidence and rely on facts before you start this process.
Otherwise, you will end up playing the guessing game where you can spend countless hours of making tests and experiments that won’t yield any results. Corporate innovation must be based on evidence and facts, not on pure intuition.
Following relevant metrics
Figuring out whether the innovation process is successful or not depends on the metrics you are monitoring. There are many ways to find out whether the innovation process is successful.
Some of these ways include measuring the efficiency of experiments in creation innovation capability, checking the growth and development of the innovation tests and measuring the business results.
Design thinking as a process that supports corporate innovation
Design thinking is a unique approach which includes various processes including strategic and cognitive processes. They have one objective – to develop different design concepts such as proposals for new buildings, products, services, etc.
The best way to manage this process is to use the help of certified Design Thinking trainers. Their basic objective is to create a prototype for an idea/solution based on the needs of end-users. In the end, they will also validate that idea. It’s closely related to corporate innovation and innovation in general. With design thinking, corporate innovation benefits in different ways – from testing products and improving team morale to finding solutions.
Boosting team spirit
Finally, innovation is not a one-man process. This is especially true when it comes to corporate innovation. In situations like this, you have to assemble a team that includes team members that have different roles and positions. Their objective is to provide ideas and find a way to realize the best ideas.
Different perspectives, various backgrounds, creativity, open-mindedness – these are the pillars of corporate innovation and they can’t be achieved without team play. Boost team spirit and encourage everyone involved to do their best in this process.