Super Charge your Strategy for 2023 and Beyond
Leveraging Chaotic Innovation, and Formal Innovation Planning to achieve a 50% better return on strategic priorities
Innovation is essential for any organization looking to stay competitive in today’s fast-paced business environment. But how can you use innovation to drive significant returns on strategic priorities? Here are the steps to get you started:
Identify Strategic Priorities
The first step in using innovation to drive returns is to identify the strategic priorities of your organization. These could include increasing revenue, reducing costs, improving customer satisfaction, or entering new markets. Once you have a clear understanding of your strategic priorities, you can begin to evaluate how innovation can help you achieve them.
Conduct a Current State Assessment
The next step is to conduct a current state assessment of your operations and processes. This will help you identify areas where innovation can drive significant returns. Look at every aspect of your business, from product development to marketing to customer service, and consider how new technologies or processes can improve performance.
Once you have identified areas where innovation can drive returns, it’s time to generate a wide range of ideas. Encourage your team to think creatively and come up with as many ideas as possible. Don’t be afraid to think outside the box – the most innovative solutions often come from unexpected places. This is where formal innovation strategy comes in, as you will need to build out Innovation Enterprise Social Networks (IESN’s), and formal Innovation Challenges in order to achieve significant improvements on stated strategic priorities.
Collaborative Ideation and Prioritization
With a list of ideas in hand, it’s time to prioritize them based on their potential impact, feasibility, and alignment with strategic priorities. Use a criteria-based approach to evaluate each idea and rank them in order of priority. A formal Innovation Strategy is required in order to build out a formal Innovation Pipeline that includes Innovation Assessment methodologies, Development, and Deployment Strategies.
Develop a Plan of Action
With the top-priority ideas identified, it’s time to develop a plan of action. This should include timelines, resources required, and key milestones for implementation. Make sure that everyone on the team understands their role in the implementation process and that they have the resources they need to succeed.
Implement and Monitor
With a plan in place, it’s time to implement the innovations and monitor progress. Make sure that you have the necessary systems in place to measure the effectiveness of the innovations and that you are tracking the right metrics.
Innovation is an ongoing process, and it’s important to continuously assess the effectiveness of the innovations. Be prepared to make adjustments to the plan of action as needed and to adapt to changing circumstances.
Finally, it’s important to communicate progress to key stakeholders and leadership to gain buy-in and support for the innovation initiative. Share the successes and challenges of the project, and use this feedback to guide future innovation efforts. Your innovation strategy will also include an Internal Innovation Communication Strategy.
In conclusion, innovation is essential for any organization looking to stay competitive in today’s fast-paced business environment. But to drive significant returns on strategic priorities, it’s important to have a clear process in place. By following these steps, you can use innovation to drive returns and achieve your strategic goals. LeaderLogic provides Innovation Management Consulting, Innovation Certificate Training, and “just-add-water” turn key solutions to make this process easy and risk free.