innovation | Digital Transformation | Business Innovation | product development | vision casting
We’ve dispelled the myth (and many others) that innovation only happens in a “Eureka!” moment. Lightning doesn’t need to strike for you to cultivate innovation, so why is it so difficult for some organizations?
Many companies chalk it up to another myth: that innovation is as easy to cultivate as capturing lightning in a bottle.
Truth is, you don’t need lightning in a bottle. Instead, think of what you need as more akin to an electric current — an innovation strategy, designed to help you charge forward.
Keep reading to learn what exactly that means, why it’s worth investing in, and why innovation strategy consulting firms are the best way to achieve your innovation goals at scale.
What is an Innovation Strategy?
You already know innovation makes up more than a single great idea, isn’t always created completely from scratch, and — yes, we’ll say it — is rarely just about technology.
The reality is, innovation is more often incremental than instantaneous, and you can absolutely create an environment within your company where it happens consistently. How? With an innovation strategy.
An innovation strategy is the plan you set in motion to work toward your organizational goals; a consistent, repeatable framework of steps you and your teams take to get there, aligned to your overarching business objectives.
Why You Need an Innovation Strategy
If you’re reading this, you’ve already identified your interest in investing in innovation. Whether you’re looking to catch up to your competitors, set the pace for your industry, or better prepare for the long-term future of your organization, innovation is on the horizon, especially right now.
Where most companies struggle with innovation isn’t in execution, but in architecting and sustaining innovation strategy. They have the ability to define a business strategy for various functions to support and rally behind, but doing so somehow becomes harder when it comes to innovation — be it because of a lack of overlap or oversight from key stakeholders, competing priorities, lagging communication, or something else. No matter the cause, it all leads to eventual stagnancy.
Innovation is about problem-solving. As with any strategic initiative, you need to create a system capable of organizing, prioritizing, and synthesizing the work so it has true impact — and isn’t just a heck of a lot of people spinning their wheels in various directions.
How to Develop an Innovation Strategy
If you plan to build the system yourself, here are the basic building blocks:
- The first and most crucial step is aligning your innovation strategy to your business strategy. All stakeholders should be aware of and understand how your innovation initiative supports the goals of the business at large.
- Identify the ‘why’ behind your innovation initiative. What’s the value proposition for why your company is taking this step? From there, continue to identify your goals for the strategy and the key performance indicators you’ll use to consistently measure your progress.
- Finally, when architecting that crucial system designed to support your strategy, look for opportunities to foster ideation, collaboration, and open communication across all key stakeholders.
Looking for more than the foundation for building your innovation strategy? A better blueprint is out there…
Why Innovation Strategy Consulting Firms are the Way of the Future
The biggest obstacles to an effective innovation strategy are the internal challenges unique to your organization.
This is where the value of an innovation strategy consulting firm comes into play. A partner practiced in identifying and bypassing those roadblocks is a boon to your innovation efforts. They provide more than a keen outside perspective and wealth of experience — they help you maximize your investment in time and resources too.
At Aviture, we know that sustainable impact is the key to innovation. Our integrated tech teams have decades of experience innovating beyond the challenges your business faces.
We’re ready to make your vision a reality. Contact us today and let’s start by brainstorming your innovation strategy.
