Innovation can be developed for services, products, processes, objects, materials and business business models. It is the creation of new value and new customer satisfaction and organization. In order to pursue innovation, organizations initiate various kinds of "best practices" initiatives that attract much attention and, unfortunately, less than expected results. Often, what is needed is an integrated innovation strategy. This article aims to provide a simple framework that may be used by organizations to develop such a policy.
An integrated approach to innovation requires four key factors: First, the overall approach is innovation, the second is an innovative market position, the third is the project portfolio and continues to be innovation management. Each of these components is described in detail in the rest of this article.
The first part, innovative design approach requires the CEO to decide how the innovation strategy will be designed. This can depend on the context from a clean top approach to a clean bottom up approach. The second part is the innovation and market segment. Emphasis is placed on determining the role of innovation, which will support the company's market position. For example, the company needs to decide if its innovation projects will focus on locating the company as a technology manufacturer, being the first to launch new products. Another thing that it can decide to be a leader's floating follower is more convenient.
The third part is the innovation project. This will be the overall list of innovation projects under the auspices of the Agency. This portfolio will usually include a mix of projects that become radical new, some that provide a step change, and others that provide gradual improvements to existing products and services. This new product / innovation library must align the innovation strategy and position described in the first two aspects of the innovation policy framework.
Still part of an innovation policy framework is innovation management. These are the core processes that need to be established to manage innovation through the organization. It will include processes such as new ideology, customer expectations, conceptual reviews, new product development management, marketing management, and measurement and management of innovation.
These four elements combine to provide an integrated approach to strategic management of innovation. Innovation needs to be managed like other core business processes. Leaders need to be able to assess progress, performance and align efforts and guidelines for dissemination of decisions.