Edinburgh, Scotland -- (SBWire) -- 11/04/2014 --There is but a rising interest in innovation along with the increasing number of companies and organizations performing their own research and development projects in the light of bringing success to a wide range of products and services. Organized Feedback, a developer of innovation management systems, explains here the direct relationship of research and innovation and how the two are crucial for creating comprehensive and robust systems pivotal to the growth of companies and organizations.
As innovation is not merely based on natural sciences, Arthur D. Little (ADL), an international management consulting firm in Boston, Massachusetts, detailed in their most recent Global Innovation Excellence survey how companies see and view innovation. The following were the highlights of the survey:
1. Companies project that about 42% will come from new areas of growth in 2020 compared to 20% in 2010. This will drive companies to look to both contiguous and novel areas to achieve their growth targets.
2. Rigid statistical evidences show that stellar innovation management based on ADL model drives higher innovation performance.
3. There is an average of 13% growth in profit derived from new products and services for the top quartile innovation performers as compared to the average performers showing a 30% shorter time to break-even.
4. Majority of the companies are dissatisfied with their innovation performance as the innovation performance achievement indicator decreased on average starting 2010. However, satisfaction performance for those who rated their innovation performance as “achieved” has increased.
5. Surveys show that there is a direct correlation between the ability to measure innovation and yield success from it. However, there is only less than 20% of companies who believe that they have a decent innovation measurement capacity.
6. Surveys reveal that a higher percentage of key innovation management practices have a relatively strong impact on innovation performance in a number of industries and these innovation management systems bring out best practice case studies with key emphasis on the advantages of implementing the said policies.
7. Those who benefit much from adopting best practices in growth acceleration are the known top innovators.
The Key to Success
What’s in it for the top innovators and for other companies aspiring to be on top of their own games lies on how they make use of growth enhancing best practices. What sets apart top innovators from the others is that they a clear, shared vision and strategy for growth as evident in their growth strategy index score (18%). They know how to find growth which is of utmost importance for an organization struggling to innovate top-caliber products and services (finding growth index score of 16%). And most importantly, they deliver growth while capitalizing on their own organizations’ strengths (delivering index growth score of 15%). Top innovators are seen to champion in overcoming difficulties in innovation-based growth like acquiring management support, streamlining processes geared towards attaining a common growth strategy, launching cross-functional relationships, and facilitating fast decision making.
Benchmarking Innovation Management Systems
The key to enhancing the growth of the company lies in objectively identifying and specifying where they currently at and what would shape the direction of their growth along with how ready they are in adopting the best practices in innovation management. Is there a clear and shared vision strategies in place for driving growth in new business areas? Does the organization currently have a systematic approach in identifying hidden requirements, trend impacts, new use of technological advancements crucial in road-mapping? Is the company capable of innovating a convincing value proposition for innovations? Along with this value proposition, is the company ready to roll-out marketing programs to sell the said value proposition? How capable is the organization to overcome the internal barriers hindering growth?
Expanding the innovation horizon is quite a challenge. Integrating both business and technology innovation through the good and creative use of innovation management systems spells the difference.
About Organized Feedback
Organised Feedback’s mission is to make their application the natural place that companies and organizations turn to when they want to write down and share an idea – no matter where they are. Simplicity is their overarching premise, guiding them in creating an application that is simple for casual users to use yet comprehensive and robust enough for power users.
