How to find an idea, implement it and not fail: 3 simple rules
Experts prove that up to 90 percent of innovation centers do not work. Unfortunately, these are stubborn statistics. Today, we have unlimited access to innovation theories, highly specialized books, advice, best practices, and tools. Therefore, it may seem that it will be much easier to achieve success.
However, there are many documented reasons why innovation groups fail, from chasing quarterly mergers and acquisitions to internal competition, poor communication and stakeholder management, and abandoning existing products instead of using them to their advantage, Forbes says.
Every company strives to innovate to increase revenue, improve operational efficiency, or create a halo in terms of brand awareness.
Undeniably, the 2000s were an era of tremendous advances in data and technology, so much so that every company could be called a software company.
Visualize, Learn and Explore
Innovation is not a process or leadership. How do you come up with a concept?
The answer is a complex mixture of understanding industries, opportunities and pain points, the player ecosystem, technology, human behavior, and ownership of shared persistence. Most likely, the idea will be killed many times before it is implemented.
In order to find the answer, it is extremely important to rekindle the passion. One way to address this problem is to create a research and development facility that allows staff to visualize and explore the data, products and solutions they deliver. The R&D Center acts both as a statement of intent and as a catalyst that drives companies to innovate.
Throughout this entire process, visualization plays a key role in providing context. No wonder they say: if a picture is worth a thousand words, then a research center is a billion.
Define and build
After an idea is nurtured and develops strong commercial performance, a decision is made to put it into action. This process has two stages.
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Software production
This issue has been extremely topical in recent years. Cloud computing and software development lifecycle technologies have automated this so much that companies can release software multiple times a day. The rate of release to market and subsequent feedback can be optimized at the speed of light.
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Leadership, recruiting people, organizing the process and defining the general culture of the company
Leadership in innovation groups must prioritize creating tangible results over the long term, which requires organizational patience and enough short-term gains to allow buyouts from P&L owners. This requires dexterous consulting skills and a detailed understanding of the organizational structure, influential organizations and culture.
P&L
The profit & loss report is one of the top three financial reports for businesses. Together with it, it usually goes in a bundle: a cash flow statement and a balance sheet.
Expand and scale
Deploying and scaling an innovative product, solution, or platform is often an overlooked step. The saying “build this and they will come” is, unfortunately, rather an exception to the rule.
In practice, it boils down to understanding the ecosystem, organizers, support companies, and competitors that control and monetize the supply chain. There are many innovative solutions that reach this hurdle and fail when companies believe the incredible functionality the solution offers will be enough.
Distribution is a key factor in scalability, attracting organizers, and building relationships with companies that complement each other. In the end, this process makes the solution easy to use, creating a lossless experience.
Summing up
History knows many amazing examples of the implementation of innovative solutions in all areas. They all demonstrate: leadership, passion, skill, perseverance, luck and success.
Reversing reality is not impossible, but it requires hard work, a careful analysis of reality and prospects, a balanced and systematic approach to the development and implementation of an innovative idea.
As companies seek to foster innovation, it is imperative to follow the path of improving and automating the industries they serve and, in fact, make the world a better place.
Source: innovation.24tv.ua
