A solid innovation strategy is the key to taking your organization to a new, established level. Constant innovation enables your organization to remain proactive rather than reactive, but this is not always easy. In order to be the most effective, your company’s strategy must scale alongside your organization. Below are some of the most effective ways to scale your innovation strategy.
Develop an Empowered Innovation Network
Building an innovation network is one of the most successful avenues for innovation strategy, but it is important that this network includes both internal and external sources. Your organization is able to work together on the inside toward innovation by fostering a culture grounded in customer empathy. Employees need to be enabled to solve customer problems as well as stay motivated. When this happens, innovation is more powerful.
On the outside, your company can take part in what are known as innovation ecosystems that can make up customers, suppliers, competitors, and partners. Such ecosystems enable participants to share resources and knowledge for the sake of solving more complex problems, while also adding more value to both your customers as well as the industry as a whole.
Develop Strong Processes and Systems
Scaling companies often look at the development of processes and systems as something less important, only taking them into consideration once they are absolutely needed. Unfortunately, the risk of putting off development of strong processes until you absolutely have to, is that they are less effective and well thought out because the company is rushing to create them. Your innovation strategy requires stronger support systems for effective organization and tracking of successes so you can produce what proves to work best.
Strong processes and systems that focus on creating, developing, executing and measuring ideas should be each organization’s focus. Strive to keep record of all ideas submitted, which employees submit them, and how they work into your organization’s innovation strategy. By seeking to address the development of processes and operations, you can effectively build a solid backbone for your innovation strategy to grow.
Constant review and measurement of progress is key when it comes to scaling any strategy, including your organization’s innovation strategy. Incorporate regular means for collecting and evaluating data as your company strives to implement the above mentioned systems and processes. Benchmarks for the success of innovation are important for shedding light on your company’s performance.
Measuring regularly enables your organization to see which pieces are working best (and those which are not) so you can better replicate what works. You can also then see where investments need to be made. Continue to plan and scale innovation strategy as your company scales so it can reap all of its benefits.