In a recent article we spelled out the importance of not wasting money on vanity projects, or projects using, as yet, unproven technologies, and of carefully considering your approach to innovation.
But when the time comes to actually innovate, what should you do?
Given the importance of this subject to businesses in all sectors, it’s hardly surprising that some of the world’s most renowned thought leaders have turned their minds to the question of what to do next.
What would the experts do?
Enter Gary P. Pisano, the Harry E. Figgie Professor of Business Administration and a member of the U.S. Competitiveness Project at Harvard Business School. Writing in Harvard Business Review, he argued that there are four essential tasks in creating and implementing an innovation strategy:
- “The first is to answer the question ‘How are we expecting innovation to create value for customers and for our company?’ and then explain that to the organization.”
It’s important to be able to state this clearly and concisely; any difficulty in doing so should be an indicator that more thinking is required.
- “The second is to create a high-level plan for allocating resources to the different kinds of innovation. Ultimately, where you spend your money, time, and effort is your strategy, regardless of what you say.”
And in support services, money, time and effort are at a premium, and therefore should be allocated carefully.
- “The third is to manage trade-offs. Because every function will naturally want to serve its own interests, only senior leaders can make the choices that are best for the whole company”.
There’s nothing easy about this step, but it’s a crucial part of any major project and it has to be done correctly.
- “The final challenge facing senior leadership is recognizing that innovation strategies must evolve.”
Your business must evolve, and so must your strategy. The process that got you from A to B will not necessarily get you from B to C.
Help is at hand
If this seems daunting, remember that help is at hand. Innovise can help and advise you at each of these steps, guiding you towards the best possible outcome.
We make it our business to understand your business – that’s how we create tools such as Timegate and Servicetrac, to keep you ahead of the competition. We work exclusively for this industry; understanding the nuances, the pressures and what will help you create value for your customers and your organisation.
When you need to improve or innovate, involve us early in the process, because as a trusted partner we can give you the benefit of our experience across this industry, giving you a better result, getting you to the place you want to be sooner, with less risk, and often lower investment; saving you time and money.