RSS FeedBy M. Isi Eromosele
In the implementation of innovation within a company, the achievement of growth targets by specific business units should be made a priority, while secondary consideration would be given to profit.
The result is that business unit managers will aggressively pursue innovation in order to attain these growth targets. Business unit managers may also be challenged to identify additional areas for growth within their business areas of responsibility.
Innovative multipliers can be built into incentive programs to reward results attained through innovation as opposed to the ones achieved through sales efficiency and improved marketing.
Roles that can have significant impact on the achievement of high business results should be identified and customized incentives built around them. By identifying roles that can serve as innovation advocates, a company can capitalize on the required sharing of best practices, thereby avoiding effort duplication.
Employees in a particular department may be designated as innovation advocates and given the responsibility of leveraging best practices from other parts of the organization to improve performance of the department, while ensuring that best practices from within their department are disseminated to other parts of the company.
It is imperative that employees and managers be educated on how innovation drives business performance and company growth. This would enable them to better appreciate the economic impact of such innovation, understand how their respective roles in the company can drive innovation and learn how they can contribute individually and as part of a group.
Innovation is the ideal antidote for companies striving for growth. Companies that place innovation on the same economic level as their other strategies through a value driver framework will attain greater success establishing the concept within their companies as well as realizing its full benefits.
Value driver analysis offer a concrete way for companies to analyze how alternative decisions, including the development of new products can affect profitability. Value driver analysis does not get rid of the risks associated with the implementation of innovation.
However, by analyzing and quantifying factors that will have the greatest effects on innovation, it gives companies a greater measure of control over these risks and puts innovation on the same level as other business strategies.
M. Isi Eromosele is the President | Chief Executive Officer | Executive Creative Director of Oseme Group - Oseme Creative | Oseme Consulting | Oseme Finance
Copyright Control © 2011 Oseme Group
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