Coolingtheglobe.org

" Innovation " is not just about developing new products and services but, more fundamentally, about discovering new ways to create value.

Many believe that innovation is "very important" to achieve their organisations' goal and is an explicit part of their corporate strategies.

Bharati Airtel - " Center of Innovation "

Wipro - " Advisory Board " & " Innovation Council "

Tata Motors - " New product Introduction "

A successful, company wide culture of innovation starts with a rock-solid commitment by company leadership. Business leaders must lead the innovation agenda. They must define innovation broadly and build space for individuals to innovate. They must set "stretch" targets to encourage employees to look beyond the core business.

According to the ICICI Chief "Innovation is the ability to identify opportunity and seek new growth horizons continually using people, processes and delivery mechanism as the platform."

High perfomance innovation framework has four elements - Leadership, Strategy, Structure and People. Since innovation is managed as a system, weakness in any one of these elements can result in poor innovation performance.

Leadership is the clarity of vision for driving innovation in the firm. It includes how commited leadership is on the topic of innovation, how clearly and often the importance and urgency of innovation is communicated to the organisation.

Innovation platforms are powerful launching pads for new ideas, products and businesses. A platform should consist of a series of elements and structured process that can transform ideas into value for the company. Innovation platforms shouldn't be at an organisation's tactical level, but rather at its strategic level generating focussed innovations that build competitive advantage. They should neither be pushed as ' technology push ' or a ' market pull ' but as tools to integrate both to drive technically actionable and market meaningful innovations.

"Innovation need not be some big discovery - any small change like time management that helps to serve people better is innovation."

Submitted by Sireesha on 19-06-08

email: siree@evhub.biz

Reference: Bussiness Today