“Innovation is not invention. It is a term of economics rather than of technology.”
– Peter Drucker
Business innovation brings satisfaction and value. It aims to find a better and meaningful improvement in the ways of doing business. Innovation, being a core company process, seeks to find and fit the rhythm of change happening around us.
The primary reason for the need of innovation is to facilitate exponential growth and to create compelling value for the customer. In the process, methods are created to transfer that value through streamlined processes, and embed a real discipline around the pursuit of perfection.
Organizations are grappling with the following challenges on innovation:
- Maximizing return on investments (ROI) in innovation deployments
- Eradicating the dilemmas associated with selecting the right ideas for commercialization
- Crashing lengthy product development time in product development
- Reducing complexity in business operations
- Achieving growth objectives by identifying underserved areas linked to the Critical Parameters of Value (CPV) to the customer
- Overcoming resource constraints by spurring new thinking that will help organizations increase risk taking abilities, and at the same time minimize implementation risks – instilling an understanding that jobs aren’t creative, but the job is to be creative