The existing model for innovation has extensively focused on producing creative solutions that remove a customer’s or employee’s discontent with an existing system. This system should comprise of both the internal and external products, services and processes of a company. For any company to grow competitively, emphasis must be placed on external and internal innovation.
As streamlining the spread of innovation is a team effort, the course used to facilitate this process has to be a mutual team-based progression. Whilst analyzing innovation as a process, companies need to ensure that innovation leaders and customers can function together to create solutions that will best serve a company.
Generally, there are five phases of this process:
1.Analyzing the Gap
The company joins hands with their customers and stakeholders in order to fully comprehend the aspects of any new innovation process. The team must gain an insight into the problems that need to be solved in any future system or product.
2.Defining the Solution
The information that has been gathered in the first process is then used to identify the best solution that can cater to both the internal and external needs of the company. The most effective tools are used to help teams creatively combine information and ideas to generate potential solutions for consideration.
3.Developing the Solution
The team formulates the selected solution and focuses on the acceptance of that solution.
4.Implementing the Solution
The team implements the solution and finalizes the recognition of the innovation process.
5.Streamlining the Flow of Innovation
The ideal innovation process has to satisfy two sides of the innovation equation: Creation and Adoption. The creation of an innovation model without adoption will be considered a failure as it will be unable to generate any returns, either financial or otherwise. Therefore, the method must significantly address the right kind of focus and importance to both creativity and adoption.
These are some of the things which are required for this:
6. Commitment from the Top Management
The top management of the company must allow adequate time and resources to innovate. In the absence of these, teams struggle to work innovations through to their conclusion.
7. A Consistent Innovation Process
Innovation is not different from any other business process management. By guaranteeing a standardized innovation process, a company can deal with both sides of innovation as required for ultimate success, i.e. creation and adoption.