However, innovation doesn't just occur overnight. It's the result of providing the right environment for ideas to be heard and flourish. Specialised internal business innovation programs can be an effective accelerator to make this happen. Learn how you can create one for your business with these five tips.
1. Identify where innovation belongs in your business
Like all good things in business, boosting innovation begins with a plan. Your first step should be identifying where exactly innovation belongs in your business, so ask yourself what you would like to achieve. For example, are you looking to improve operational processes or service offering or revamp your business model?
Whatever your agenda is, that's the area of your business your innovation program should address. Then, look at the internal avenues connected to it and work out which ones require the most improvement to realise your vision.
2. Assess your customers' needs
Don't forget that, regardless of which area of your business you're trying to improve, your customers' needs should still be at the centre of your operation. Effective innovation often aims to find a new way to solve their problems. A market analysis can help you determine where their needs might not be entirely met and where you could add more value. This can reveal new opportunities that form the foundation of your innovation strategy.
It's also important to remember it's not just about understanding your customers' needs in the present. The best innovation programs anticipate how your customers' needs will evolve going forward and offer solutions before they even realise they have a problem.
3. Choose the right innovation model
There are different types of innovation programs. Let’s take a closer look at these:
Create an internal innovation team