Why Innovate?

Posted on in Business

Businesses need to innovate to succeed.

Our customers pose new challenges to our business every day and we need to respond.

    • Innovation. "... the alteration of what is established." Definition of innovation from the Oxford English Dictionary.
    • Why innovate? "Innovation is the key to growth because it delights our customers. That delight is the basis for long-lasting customer loyalty" (Dr. William Cone, 3M´s Vice President for R & D, 1966).
    • Failure to innovate. "He that will not apply new remedies must expect new evils; for time is the great innovator" (Francis Bacon, Essay on Innovation, 1625).
    • Barriers to innovation. These are broadly categorised into business vision and capability. Business vision - failing to see changes in market conditions and their impact, both threats and opportunities. Business capability - expertise in running the innovation lifecycle.
    • Innovation process. The innovation process comprises 4 steps; idea generation, evaluation, development, and implementation.
    • Financial profile. Idea generation and evaluation are low cost exercises; the real financial commitment comes during development and implementation.
    • Skills. Different skills are required during each step of the process as ideas transform into business solutions to release business benefits.

Read about the innovation process to generate new ideas ...