The innovation culture & capability you need to create before applying it to your portfolio of projects in commodity management
In our discussions with over 100 Chief Technology & Chief Financial Officers in the Commodity Management space since the COVID-19 pandemic commenced, we have determined that companies face the most challenges when building the innovation culture internally. Therefore, maybe the opportunity lies in making a strong structure able to quickly adapt to changes and innovation strategy to support innovation culture.
“Innovation strategy is a set of structured activities tailored to the organisation’s future growth, in line with its innovation mission.”
“The top challenges companies face regarding corporate innovation are:
fostering an internal culture of experimentation and innovation (57%);
juggling competing for internal agendas and goals (56%);
overcoming the middle management “permafrost” layer (45%);
and moving forward despite the deferred commitment and delayed action (33%).”
What does an innovation strategy look like?
- An innovation strategy outlines the main initiatives you need to achieve your mission
- A good innovation strategy is clear, simple, and easy to understand by everyone involved.
- Getting stakeholders on board is crucial. Everybody can be aligned on the destination and directions if they all have the same map (and can read it).
- Innovation strategies do not all follow the same pattern.
“Globally, business executives say that 40 percent of innovations over the last five years have had a positive impact on their business’s bottom line.”
Organisations have to pay more attention to maximising the return on investments. To do this properly you have to have a clear structure and more measured approach to understand the impact on the bottom line.
Are you able to answer the following 3 questions?
- Where are you now?
- Where do you want to be?
- Do you know how you are going to get there?
“Avoid big failures or you’re dead. Embrace small failures or you’re dead.”
The perfect Innovation Strategy process steps…
You need a structured Innovation Capability to succeed with your Innovation strategy to ensure your future project success
Four Keys to Systemic Innovation Capability
How can we help?
Talk to us about how we can help your organisation to create Innovation Capability. Making it real is what we do.
How can you connect with us?
We’d love to hear about your innovation journey. Did reflecting on innovation management maturity help?
About the Author
Jason Novobranec is Implementary’s Chief Operating Officer.
With over 20 years of Consulting, Program Management & Senior Leadership experience, Jason has delivered initiatives for large multi-national / multi-regional organisations as well as SME’s and is an expert in shaping solutions to fit a customer’s project needs.