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Innovation Myths And There Impact On Business

Rising customer expectations & Increased Competition

With customers becoming more demanding, competition increasing and a whole raft of business challenges there has never been a better time to innovate within your business.

As I visit manufacturing sites and companies across the UK I have come across the following innovation myths.

Innovation Myths And There Impact On Business

Seven Innovation Myths

Myth 1: Innovation is a ‘nice to do’ rather than a ‘must do’ activity
Fact: Those companies that have a systemised process to innovation are making business improvements that over time will give them a competitive advantage

Myth 2: Its always about the BIG idea
Fact: Linking in with my article the other day about The England Rugby team, its all about achieving steady continuous improvement

Myth 3: A great idea is instantly recognisable
Fact: Unfortunately with the pressures of business sometimes it rrquires a number of re takes before we identify the potential behind a suggestion

Myth 4: Innovation is about new products and technologies
Fact: Innovation can mean

  • Production process improvements
  • Customer service improvements
  • New business models
  • Alternative / new routes to market

Myth 5: Good ideas only come from within an organisation
Fact: In most cases the innovation system can be enhanced when employees, partners, suppliers and customers become involved

Myth 6: Innovative ideas only come from senior management
Fact: Being innovative isn’t a minority activity. All employees have something to offer. What we need to recognise is that this shows itself in a variety of persona’s.

  • The ideaser’s people – will constantly come up with ideas (the challenge is focussing on those with potential)
  • The builders – are constantly negative but can provide a valuable perspective as to why something wont work
  • The screener’s – provide a critical review on the range of innovations suggested
  • The implementers – will take the innovations identified and agreed and make sure they happen

The challenge is to make sure you develop a team that recognises the skill set of each person, so that you maximise the power of the team.

Myth 7: Innovation is only for large companies like 3M and we are to small
Fact: Innovation isn’t dependent upon business size, what evolutionary improvements can you identify and implement

6 ways to help make innovation work within your company

  1. You need to systemise and make it part of a continuous long term programme
  2. The organisation needs to have an innovation culture where people who try something different are rewarded not penalised
  3. A transparent screening process needs to be in place so that if an approach isn’t implemented those involved understand why and continue to participate
  4. If an innovation activity leads to a quick win great. A quick win is still a win
  5. Avoid the implementation void where buy innovation is discussed but the ideas never find the market place
  6. Where you have innovation success communicate it to all

Innovation Myths And There Impact On Business

If you would like to increase the level of innovation within your company perhaps an innovation and creativity workshop could help kick start the process. For more information on innovative marketing click here an experienced and professional marketeer with a track record in innovation. For more general marketing information and news click here

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