Innovation & Change in Business

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An organization needs to constantly innovate to succeed. Innovation is about making things better, faster, or cheaper than your competition. It drives ongoing improvements and may help unleash a new idea that changes the rules. "Innovation leading to increased productivity is the fundamental source of increasing wealth in an economy "The Meaning of Innovation," at fastthinking.com. Companies need to approach innovation and change effectively and proactively.

Creating a Culture of Innovation

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Organizations need to implement policies that encourage innovation. While that may seem intuitive, many companies do little to support sharing of ideas with their compensation, management structures, and focus on productivity.

Rewarding Innovation and Change

A company needs to provide staff with an incentive to innovate. With no reward, there is no good reason for employees to suggest or try new ideas. The first step in creating an innovative organization is to include change in an employee's goals, performance management process, and compensation plan. This needs to be implemented throughout the organization. Even mail-room staff and couriers can offer a perspective and make suggestions that a vice president would easily miss.

Developing a Playbook

After a number of successful innovations and probably a number of failures, companies dedicated to continuous innovation and change need to develop a set of guidelines and processes. Creating a manual or guidebook that takes innovators through the process is the first step. This guide may outline how the procedure works, how opportunities are identified and chosen, as well as how they are implemented and launched. Every member of every team should be asked their opinions on why a project succeeded or failed and what they would do differently next time. These documents should be cataloged and filed for future reference.