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From Good Ideas to Effective Innovation Management
‘Innovation … is generally understood as the introduction of a new thing or method … Innovation is the embodiment, combination or synthesis of knowledge in original, relevant, valued new products, processes or services.’ Luecke and Katz, 2003
Creativity is often seen as the basis for innovation. For innovation to occur, there needs to be a creative idea and the ability to convert that idea into action to make a difference. The result is a specific and tangible change in the products, services or business processes provided by an organization: ‘All innovation begins with creative ideas . . . we define innovation as the successful implementation of creative ideas within an organization. In this view, creativity by individuals and teams is a starting point for innovation; the first is a necessary but not sufficient condition for the second.’ Amabile et al, 1996
Innovation is vital for business survival in today’s highly competitive markets where it is increasingly difficult to differentiate products and services. Innovation is important for the following reasons:
- it allows businesses to expand their customer base by refreshing the market with new and improved products
- it is a key component of competitive advantage and helps companies stay ahead of competitors before competitors’ innovations take market share
- it provides incremental revenue and profit and also increases shareholder value.
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In order to generate innovative products and services from ideas, a targeted innovation management is required. Businesses that are not growing through new product and service introduction are likely to decline as their existing sales portfolio matures. It is not surprising that companies such as Procter & Gamble and General Electric have actively embraced the management of innovation. Their principal goal is to drive growth and then to improve shareholder value.
Therefore, innovation management must be implemented strategically and established in order to successfully implement and thus monetize good ideas. An MVP (Minimum Viable Product) alone is not sufficient without a corresponding MVO – Minimum Viable Organization.
Purposeful, effective, and scalable innovation management enables a business to gain significant competitive advantage while improving customer loyalty and satisfaction. Coupling agile transformation not only helps meet high expectations of speed of implementation, but also provides synergy effects in both directions.
Here below are listed the four Best Practices from CGI Germany, which are crucial to success.
- Setup of Innovation Management:
The internal “Innovation Management Team” must set up the necessary processes, create the organizational structure for implementation and run successful internal marketing. This includes, for example, establishing the required roles and committees, such as an evaluation board, the possible implementation of a suitable IT tool for the management of the ideas and the portfolio, setting up the structures for ongoing communication and the selection of the innovation methods to be applied. This includes accompanying measures to promote the culture of innovation. Having your own budget is imperative – and above all embedding in the corporate strategy and access to influential and recognized sponsors. Sometimes it is also necessary to consolidate various innovation approaches in the company, thus exploiting synergy effects and achieving an even stronger focus on the common strategy. An external consultant can bring in valuable experience and know-how, which are adapted to the company.
- Ongoing Innovation Service:
Every single innovation campaign and every innovation project has to be prepared, carried out and supervised. Often, the internal team lacks manpower, so important issues cannot be addressed due to limited resources. Here, an external service provider can provide valuable support by, for example, taking over complete campaigns or projects as required or even providing only partial services such as the planning and implementation of design thinking workshops. He can also contribute important experience to typically critical issues such as conducting a good evaluation. Overall, it is important for the ongoing Innovation Service to work on a continuous improvement of the overall process.
- Support of innovators:
Some innovators have brilliant ideas, but unfortunately, they are never implemented because they cannot represent the value of the idea. In part, the company’s internal barriers, such as administration or access to resources, are far too high and demoralizing. Here, a pool of internal or external “Innovation Guides” and subject matter experts helps to support the innovators.
- Culture Shift Support:
Last but not least, it is also the task of a good innovation management to prepare the breeding ground in the company so that an innovation-friendly climate can emerge. This includes accompanying communication, workshops, community building, culture hacking, brainstorming and promoting collaboration across areas. Experienced external service providers bring along a well-filled method case for specific measures of a viral approach.
“Innovation management without digital transformation is possible, but not digital transformation without innovation management. In order to compete and provide customer-focused services fast enough, many companies rely on an external service provider. Innovation Management is not a one-time project but involves a continuous change in the mindset and has a high strategic importance in times of digital transformation “says Andrea Schmitz, Director at CGI in Munich.