Innovation methodologies are not all the same, and they help businesses generate innovation in different ways. This is similar to the different types of project management methodologies, for example agile vs. waterfall. Like the traditional waterfall method, companies have long favored innovation methods with sequential stages that act like a funnel for implementing ideas. However, now more cyclical business models are gaining popularity, which can be seen in the rise of the agile methodology. Iterative innovation focuses on repeating a set of stages over and over in order to drive continual improvement. Essentially, the innovation process never reaches an end. Using this method helps businesses foster long-term growth and build a lasting competitive edge. So, what is iterative innovation and why is it important?

What is Iterative Innovation?

BusinessDictionary.com defines an “iterative process” as a “process for arriving at a decision or a desired result by repeating rounds of analysis or a cycle of operations.” During iterative innovation, the goal of each completed cycle is to improve the process, product or service more than the last cycle. There are five general stages within this process: planning and requirements, analysis and design, implementation, testing, and evaluation. Although this process is never-ending, each iteration of development can aim to meet a specific goal or accomplish a task as a scalable progress marker. Because stages in the cycle can be re-visited and are not sequential, iterative innovation does not have to have a clear plan or goal to begin the cycle. It also adjusts to changes along the way more easily, which is helpful when client or consumer expectations or needs change.

Iterative innovation continuously improves on what is already available. In the past, there has been an emphasis on ideation that produces new concepts in a bold way. Iterative innovation expands on old ideas in new ways. This makes workplace collaboration more important than ever so that valuable feedback is contributed to the ongoing process. The idea of innovation ownership and owning an idea is counter-productive and even harmful to iterative innovation, so it is crucial to encourage everyone in your workplace to contribute to innovation organization-wide.

Why is it Important?

Iterative innovation creates a culture of continuous improvement within your organization that prepares your business for the future of work. As technology and software changes, it is important for your employees and business processes to swiftly adapt to change. Iterative innovation allows for processes to change as problems arise since the cycle allows for movement between stages. Constantly testing ideas and products also helps to identify potential issues before they present themselves. Furthermore, the iterative innovation process has a faster turnaround. The initial iteration may take time to work through the stages; however, each following iteration should continue getting faster and faster as the process becomes more streamlined. Agile organizations will find that iterative innovation best suits their workplace philosophy and business processes.

How to Promote Iterative Innovation Within Your Company

The good news is that the iterative innovation process is adaptable to any organization. It can also be used across the entire company in various departments, from IT to HR, to R&D and marketing. Here are some key concepts that can help you to promote iterative innovation within your company’s culture:

  • Communication is vital for establishing a company’s culture and making expectations and goals clear. Asking for feedback will encourage employees to be a part of the process, and feedback is very important for progress. Employees will be most successful when expectations and deadlines are made clear.
  • Mentorship connects people and encourages collaboration. Assigning higher level employees to new or improving employees can help strengthen their development, but it also opens a dialogue for improvement on all levels.
  • Access to new tools and new technology will improve productivity and development as employees explore and test iterations.

Iterative innovation promotes a culture of continuous improvement within your business while also preparing your company for the future of work. In the modern business world, you must be prepared to adapt to change. To make the most out of your organization’s innovation program and drive long-term growth, check out Planbox’s comprehensive Agile Innovation solution.

 

Sources:

  1. https://www.forbes.com/sites/forbescoachescouncil/2018/09/13/iteration-may-be-better-than-innovation-when-it-comes-to-real-growth/#11d0cbec623c
  2. https://www.forbes.com/sites/forbestechcouncil/2019/07/29/welcome-to-peak-iterative/#7250e91b2b12
  3. http://www.businessdictionary.com/definition/iterative-process.html
  4. https://channels.theinnovationenterprise.com/articles/innovation-is-an-iterative-process
  5. https://medium.com/@dbottiau/iterative-innovation-vs-disruptive-innovation-b209cf722062
  6. https://www.linkedin.com/pulse/why-iterative-innovation-processes-superior-mario-ek-aparicio/
  7. https://airbrake.io/blog/sdlc/iterative-model