Manage innovation
How to organize management systems to improve your ability to innovate and turn this into a lasting competitive advantage?
Very few companies have been able to innovate sustainably. Innovation often results from a lucky chain of circumstances that is difficult to replicate. Yet some companies, such as 3M, Apple and Renault, have gained substantial competitive advantage by sustaining their innovative performance.
A company’s ability to innovate is influenced by all of its management systems. By modifying the latter, it is possible to improve the performance of the three stages of innovation process, that is:
– Generating ideas.
At this stage, the goal is to generate as many good ideas as possible. The company culture, structure, and human resources policy all play a crucial role in placing employees in situations that stimulate creativity and allow them to express their ideas.
– Selecting which projects to fund.
The company must make rapid decisions based on the best possible estimates of project potential. Improving this ability may require changes in the number of different funding sources, decision maker incentives and the decision-making process itself.
– Running development projects.
For each project, the company must maximize the chances of developing a product or service that addresses a market need within a reasonable timeframe and budget. In particular, it is essential to adapt management methods depending on the degree of uncertainty of a given project.
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