Innovation has been a buzz word since early 2015, however it's crucial that your innovative solution efforts actually translate in financial and/ or operational results.
There are various type of innovative solution methodologies that different organisations have used to deliver results, however, what approach actually delivers bottom-line operational and/ or financial benefits?
1. Innovative service or product solution approach
Many traditional organisations use a product/ service development approach to introduce innovative products or services. By replicating this service/ product development approach in other areas of their organisation, these organisations aim to deliver enterprise-wide innovation.
2. Innovate technology solution approach
Through introducing innovative technology in the enterprise, a numer of corporates have tried to deiver innovation in their organisation. This approach uses the technology angle to "mandate" rigurous innovation across their business
3. Ideation approach
This can be seen as a top-down innovation approach through which senior executives are creating innovation teams/ departments that use well-known ideation methodologies to come up with innovative business, organisation or technology solutions. Unfortunately, many of these initiatives often get stuck at the ideation stage and don't make it past this stage.
4. Operational Innovation approach
Through this approach organisations tackle a top-down and bottom-up innovation approach, being led across Data, Reporting, Organisation (& People), Process and Technology. This approach requires operational innovation specialists/ experts and has been very successful in areas where there is a focus on operational and financial effectiveness (instead of solely cost reductions).
It's imperative that with any of the innovative solution approaches there should be a direct link with the organisational goals, an acceptance of a test & try approach, and a clear focus on progress and performance reporting to show progress towards the financial and/ or operational results.