The challenges in business
A recent survey by General Electric and Edelman Garland recently revealed the most challenging best practices for businesses to implement regarding innovation. According to the research 43% of business executives said the most challenging best practice is providing a connected culture for employees where idea sharing is facilitated and where all the contributing parties are recognized and rewarded.
Clear processes and structures
A very close 42% identified creating a set of metrics to decide which product/service should be funded or killed as a challenge. While 41% described having a clear process and structure in place to manage innovation, just as difficult.
This means if businesses want to have a culture that supports innovation they have to start implementing a more innovative culture, recreating metrics, and outlining specific practices no matter how difficult they are.
Rise to the challenge
If you own a business where the innovation is lagging, you can begin to pick up momentum by insisting employees share their ideas. This can be done with brainstorming meetings, and including incentives or bonuses for those that come up with good ideas. If someone successfully comes up with a new business practice or brilliant idea, make sure you at least acknowledge them and give credit for their effort and work put in.
Secondly, its necessary to enforce a specific set of metrics that determine whether or not a project should be continued or killed, so that dead projects don’t waste funds unnecessarily, and good projects don’t get forgotten.
Lastly, it is essential that business make sure they have outlined a clear and concise structure for innovation management. This will help establish trust among employees and ensure ideas don’t get lost in the business hierarchy.
Risks and rewards
Other best practices businesses should be implementing but have a hard time doing so include rewarding the innovators within the company that make another product/service obsolete, and simply encouraging innovative people.
Make sure your business doesn’t get left behind in time and stays up on innovation by using these best practices with current business plans. It may not be quick or easy, but will be more rewarding for your business in the end. To see the full report and statistics, head here to see a complete list of the most challenging best practices.