Enterprise and divisional innovation strategies

As innovation has now been accepted as essential rather than niche and it’s been a decade since ideation platforms were all the rage, it’s now time to start creating strategies that address the enterprise innovation need. To quote an overused phase one size doesn’t fit all and this is never truer for enterprise Innovation. Innovation shouldn’t be treated any differently from any other product line and naturally some will be applicable to the whole organisation and others to individual divisions. Legacy investment cycles and perceived marketplace evolution should aid your planning. It is certainly true that at the core (where most businesses are identical) innovating the backbone of the organisation is essential however above this different strategies should exist to Innovate the divisions. Consideration should be given to competition, emerging start-ups, upcoming legislation, customer type (B2B, B2C) and even if you” play to win” or “play not to lose”. Once you have created this 2 layer Innovation strategy it will ensure that pilots / proof of concepts are adopted for the right reasons (revenue generation or customer retention) rather than just to be perceived to be doing something. Innovation should have a P&L like all other projects including requirements and a business case. Innovation certainly has a place within the organisation and eventually will be intertwined within all processes, however in the meanwhile a bullet proof strategy will lead to success rather than failure. With the advent of social media and the internet it is important to try lots of concepts and fail fast if necessarily, however the world is watching so don’t publically fail too much as this will not be seen as innovation.

Divsional Innovation Strategies

Author: Steve Wakefield

Steve Wakefield is an experienced Innovator presently based in London.

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