Basic Points to the Success of Your Business Innovation

inovationIn the context of today’s business environment, it is often said that change is the only constant thing. The market is so unstable that anything that seemed relevant and current trends can turn into garbage in the future.

Innovation is a must for those who want to survive and succeed in business situations are dynamic and constantly changing. Companies that do not innovate will die. Innovation is a strategic decision that requires use of company resources are massive and could have a major impact on business performance, so that innovation will be very helpful for companies who want to understand the basics of successful innovation implementation.

1. Harmony with the company’s general business strategy: A common mistake that many found so that innovation becomes unsuccessful is that often there is no integration between the company’s innovation and overall business strategy. Yet it is important to consider innovation as part of its business strategy so that no deviation from the company’s goals.

2. Openness to outside ideas: Innovation is covered under a controlled situation cannot be applied now. Successful innovation today requires openness to external ideas. Companies must be prepared innovative welcome ideas from people outside the company while receiving assistance to commercialize their ideas.

3. Recruiting people from different backgrounds: While an open approach to innovation is recommended at this time, independence is always important. By employing people from different sectors, companies will be able to save the cost of hiring externally and maximize many talented people within the company.

4. Efficient portfolio management of innovation: innovation that so many are carried out by R & D department of the company at a time, which complicate the allocation of corporate resources. Innovation portfolio should be organized in such a way by the company so that the allocation of funds, personal attention and focus time would be better between the innovations with other innovations.

5. Balance disruptive and incremental innovation: Companies should try to achieve an ideal exchange between the two types of innovation. Incremental innovations include minor changes in existing technologies, while disruptive innovation is a breakthrough technology that includes a new discovery. Since this type of disruptive innovation of higher risk, equilibrium between these two species would ensure management of the risks covered.

6. Empowering Employees: Another requirement for successful innovation related to employee empowerment. Employees will be more actively generate ideas when they are empowered to make routine decisions. If they have to delegate decision-making small though, they will not hesitate when it comes to taking the initiative later.

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