December 26

5 Ways to Target Innovation in the New Year!

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As many individuals and organizations begin to look toward new beginnings in 2017, I encourage you to think through what worked in 2016, so you can effectively target your future goals. Why? Because innovation will set the foundation for your organizational success in the New Year…if you are intentional. 

Dr. Jason Carthen: Innovation
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The Value of Innovation

Innovation is a key factor in any business environment. Through innovation the process of renewing, changing or creating more effective processes or products takes place on a regular basis. Simply stated, innovation is people creating value by implementing new ideas. Organizations that do not prioritize innovation are usually lagging behind their competition in the marketplace. 

Innovation Strategy

It is important to have an effective innovation strategy in place as a key component of your business because it helps to transform ideas into commercial value, which improves a companys bottom line profits.  However, I am not saying that you should innovate just to innovate, innovative ideas must be replicable at an economical cost and must fulfill a specific need. 

Radical or Incremental

Innovation can be radical or very incremental in nature. Radical innovation can drastically alter what businesses sell, while producing large gains in profit and revenue. Incremental improvements can add or sustain value by improving existing products and services. Let me share a five steps to immediately add value through innovation.

5 Steps to Target Innovation:

  1. Conducting market research to determine customers’ needs.
  2. Taking advantage of all available resources for advice.
  3. Encouraging risk-taking within your firm.
  4. Training and empowering team members to think in terms of innovation.
  5. Asking questions and listening intently to feedback.

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Innovation Sets the Tempo

Innovation is vitally important to the growth and success of your business in the marketplace and creating the right atmosphere can greatly enhance the innovative process. For that reason, business leaders must promote and encourage outside-of-the-box thinking in order to ensure the future of their organization. After all, when employees are more engaged, they become more creative and more willing to accept innovative ideas from others.

Point of Clarity Quote:

“When all think alike, then no one is thinking.”
― Walter Lippman

 


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