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Transcript: Innovation as part of your business strategy, a strategic vision of how you want your business to develop - if you dedicate your time to monitoring trends in your business sector, you can then focus your innovative efforts on the most important areas. Every process should increase organizational value by supporting the business vision and supporting strategies. To do otherwise would lower the utility of a change effort and would place it at risk because it probably would not gain the necessary organizational support to make it successful. When an idea has been identified, the organization needs to support the idea with resources, a budget, and attention. Often an employee trying to implement a new idea must work on both the new idea and her current job. Goals need to be quantified. Will the new program increase revenue or improve productivity and reduce expenses? Calculating this provides a way to judge the success or failure of a program. Innovative organizations must support the idea throughout, which includes providing backing from management, investment in equipment and technology, staff training, and marketing support. Innovation and Change To be successful in business, we should innovate something and change for something new. Pooling your resources with your suppliers or other business partners will help to produce and develop creative ideas. Potential partnerships can also be developed through business networking opportunities. Rewarding Failure Discover breakthrough solutions to satisfy your clients. Sources: http://smallbusiness.chron.com/innovation-change-business-1501.html http://trs-new.jpl.nasa.gov/dspace/bitstream/2014/10570/1/02-2625.pdf https://www.prosci.com/change-management/definition/ http://jaderowe.hubpages.com/hub/Principles-of-innovation-and-change-in-a-business-environment The purpose of reviewing and evaluating change Sadly, not every innovation will succeed. There are many variables involved with any innovative idea and perils both known and unknown may prevent success. Once a project is underway, it is not uncommon to discover that accomplishing the goals cost more than expected, causing the project to be cancelled. Even failed initiatives result in new knowledge, lessons learned, and limitations understood. It is also common for individual aspects of an idea to become successful on their own. Companies need to accept that although many ideas fail they still need to reward the hard-working team that implemented the idea. The purpose of reviewing and evaluating change is to make sure that the changes that have been put into place are benefiting the business and that no other changes need to be made. If changes are not evaluated and reviewed then it may affect the business and if they are reviewed and evaluated then everyone knows exactly how the changes are affecting the business and if any other changes need to be made. Give the four principles of change!!! an act or process through which something becomes different make or become different give up or get rid of (something) in exchange for something else Change is always better! Change Include your vision in your business plan Developing a Playbook Stag an organization with people that can successfully support and execute the business processes. Measure process and product quality Communication involves not only listening to their needs but also actively observing their behavior around current products and services and generating ideas on how you can make improvements. 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.Companies need to approach innovation and change effectively and proactively. Introducing innovation can help you to: PLANNING INNOVATION Plan change efforts to maximize retudn on investment and minimize risk. The measurement of process and product quality permits an organization to determine its rate of change, which it can use to evaluate the success of a change effort. It also permits an organization to compare the rate of actual change against its planned change, and to allocate resources based on the gaps between actual and expected progress. Rewarding Innovation and Change Build a relationship with your customers. The four key principles underlying organizational change best practices. 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. Innovation Innovation and Change INNOVATION Businesses that fail to innovate run
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