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Innovation
–
the Key to Success
Leaders of successful, high-growth
companies understand that
innovation is what drives growth, and
innovation is achieved by awesome people with a shared
relentless growth attitude and shared passion for problem solving and
for turning ideas into realities. Companies that continuously innovate will
create and re-invent new markets, products, services, and
business
models
–
which leads to
more growth. Innovation is founded on your enterprise's ability to
recognize market opportunities, your internal
capabilities
to respond innovatively, and your
knowledge base.
So, the best thing to do to
guarantee growth is to build a sustainable innovation organization around
the following components:
-
Vision and strategy for innovation
-
Culture supporting innovation
-
Processes,
practices
and
systems supporting
the jazz of innovation
-
Top management team leading innovation
-
Cross-functional teams
mapping innovation road
-
Empowered employees
driving innovation
Building Innovation
Into Your Organization
Success depends on both
what you do and
how you do it. There are
specific elements
that help you and your company to be more innovative. But it's not a matter
of simply following directions. The 'secret formula' is actually not very
formulaic. It's blend of
culture, methodologies, infrastructure, and work practices.10
Cross-Functional Teams Leading Innovation
In the new era of
systemic
innovation, it is more important for an organization to be
cross-functionally excellent than functionally excellent.
Firms which are
successful in realizing the full returns from their technologies and
innovations are able to match their technological developments with
complementary expertise in other areas of their business, such as
manufacturing, distribution, human resources, marketing, and customer
relationships.
To lead these expertise development efforts,
cross-functional teams, either formal or informal, need to be formed.
These teams can also find new businesses in white spaces between existing
business units.
Culture and Climate
Culture
is the environment that attracts awesome people and enables them
to thrive and perform at their best. It needs to be highly participatory,
people oriented and attractive to people who share your
vision,
mission, and values.
Communication
must be open, effective and continuous. Everyone must have an opportunity to
be involved in planning, decision making, take calculated risks, make
mistakes without fear of punishment, and receive fair
rewards and recognition for performance.
Establishing the culture of innovation
requires a broad and sustained effort. Though
changing a
company's culture is never easy, with the
right leadership, cultures can be reshaped and amazing results can accrue.
Establishing an
attitude of relentless growth is what enables an organization and its
people to achieve their goals. The spirit of relentless growth keeps fresh
ideas flowing and reinvigorates your company.
Inspiring Culture: 5 Elements
Case in Point
Corning
Corning, a Fortune 50 company,
is famous for its
culture of innovation. The
company has
a long heritage of
inventing new technologies and
creating new businesses.
It presents an excellent example of harnessing the benefits of the
in-company ventures and the
business systems approach
to
new product development and
project management. Research, development,
and the
innovation process are the lifeblood of Corning. It is an integral
part of its
culture and
values-driven tradition. Corning is oriented around
innovation, built on constant reinvention "Discovering Beyond
Imagination" is a corporate slogan that embodies literal truth...
More
Finding the Right Balance Between
Bureaucracy and Chaos
Successful organizations must
balance bureaucratic processes at one extreme with the fluid
creative chaos
of relationships, interests and transactions, which enable it to be
innovative and alive, at the other.
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