What Is An Innovation Strategy
Introduction
When undertaking an innovation audit, the auditor typically looks at five principal areas, the first of which is around the innovation strategy. This article looks at innovation strategies and why they are important. When undertaking innovation, all to typically corporations get their folks collectively and inform them that they will be innovative. What they often fail to do is to provide their individuals steering as to what areas they want to be modern in, and how this pertains to their corporate strategy. Without such a strategy, and without copious quantities of luck, their innovation needs fail.
Innovation strategy
Corporations need to create an innovation strategy. Such a strategy needs to be prepared considering each the corporate strategy and the advertising and marketing strategy. All three documents should cross relate and mutually support every other. If they do not, then people within the organisation will not understand where their efforts must be directed and confusion will reign. If they do, there might be a shared common purpose. This strategy ought to determine and prioritise the needs for innovation, by analyzing the 'gap' between the longer term as forecast and the desired future state.
To arrange the strategy, it is essential to undertake the following steps:
- Understand where the organisation is going without any change - the baseline scenario. This needs to be taken from the corporate strategy;
- Determine the place you need the organisation to be in, say, five years - again this needs to be taken from the corporate strategy;
- Having recognized the 'gap', it's then essential to understand how will probably be stuffed - once more broad outlines from the corporate strategy;
- Assuming that among the 'hole' will likely be crammed with product or service improvements, or business process improvements (i.e. innovation), an innovation strategy must be formulated to establish how this will probably be achieved.
What should it embody?
In broad phrases, I imagine that it ought to include the next components:
- Executive Summary - no clarification wanted of this;
- Introduction - why is an innovation strategy mandatory;
- A summary of the organisation's goals and mission assertion;
- Summary of the corporate strategy, and particularly, highlighting the weather which drive the need for an innovation strategy;
- A top level view of the aims of the innovation strategy;
- Particulars of the strategy, including a commentary relating to required research, timescales, accountabilities and responsibilities, and the identification of studying wants and expertise gaps, in addition to details on what components needs to be focused;
- Details as to how projects ought to be prioritised;
- An motion plan, timescales and agreed metrics by which to measure progress;
- Conclusion and future actions.
Why is it vital?
As I've alluded to above, such a strategy is vital because it helps everybody within an organisation understand and follow a shared widespread purpose. Additionalmore, it provides senior management with a tool to communicate to exterior stakeholders to demonstrate that they've considered and assessed their development options and find out how to go about achieving them. Such a strategy provides a formal framework within which all innovation administration can be undertaken.
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