This blog highlights innovation strategy and how it could increase the performance of a company when aligned with business strategies. To be competitive in the market and sustain improved growth, implementing and executing innovation is an imperative element in the success of any business.
Innovation strategy allows companies to identify and make trade-offs to determine the best practice and potential projects that are valuable. To create and capture value, a certain degree of change in technology and business model needs consideration. However, before this can be realised the customer research is required to identify what is desirable to consumers and whether innovation is technologically feasible to produce commercially and create value for consumers.
The challenge many businesses face is their inability to implement and deliver innovation to maintain its competitive edge and able to adapt to an ever-changing market. Innovation strategies allow business to prioritise opportunities, however, the innovation needs to deliver value to the customers otherwise it will be considered as an invention which has no commercial value. In order to understand “value”, we focus on the problem in detail and ask the right questions/statements to search for more meaningful and viable solutions.
With this customer focused method, it can potentially identify risks involved and clarify trade-offs so that the company can continuously initiate on the innovation to evolve. This particular approach may not work for every company or industry as each business has its own unique culture, technology and values, however, willingness to experiment contentiously with human centred approach may provide a competitive advantage and stay ahead in the market as long as they have the ability to question and find solutions without preconceived thoughts.
To find out more about innovation strategy and how it may help you create value for your customers, please feel free to get in touch with us.