How do the most successful organizations innovate? IBM Institute for Business Value set out to answer this seemingly complex question, surveying more than 1,000 C-suite executives in collaboration with the Economist Intelligence Unit. Interestingly enough, results displayed that the top 9 percent of organizations in operating efficiency and revenue growth aim to execute distinct strategies in innovation organization, culture, and process.
IBM’s report shares how the top dogs approach innovation, and specific practices you can implement in your individual organization to drive future success.
Contrary to popular belief, current innovation breakthroughs are achieved through science & numbers, data, and insight…not magic. The necessity of becoming open and integrating collaboration is becoming evident today as well as practicing transparency throughout all levels of an organization.
Here at Brightidea, we foster this trend of transparency amongst our customers, allowing collaborative communication between everyone as we walk through the best methods to bring innovation programs to a whole new level. We partner to position our customers and potential customers to succeed and potentially become outperformers, which IBM defines in the study as utilizing three key steps to differentiate themselves from the pack:
- Build an organization that encourages innovation
- Create a culture that fosters innovation
- Design processes that enable innovation
To implement all of these key factors, outperforming organizations generally rely on dedicated innovation teams. These teams are responsible for being a “center of excellence” in facilitating company-wide innovation activities and keeping the ideas flowing. At Brightidea, we call this model “Innovation as a Shared Service” as our innovative program software allows organizations to monitor and track the innovation process for specific projects, ultimately generating trackable results for these teams. This virtual environment of collaboration will increase depth and relevance to innovation initiatives which IBM has said is deeply connected to success. Company culture is something that can only be driven from inside an organization, and building innovation into the culture nowadays has become a normality. Employees will naturally collaborate if given the time and space they need to innovate. To further feed this climate, companies can offer incentives and recognition to promote this innovative behavior and hopefully generate excitement.
To become an innovation leader of the future, analyze these guidelines that IBM has extracted from a successful, impressive collection of industry innovation executives and implement them as your own. Using software tools and Brightidea’s innovation program methodologies, we can guide you on your innovation journey. We welcome having our innovation experts help your company better understand what ideas to invest in moving forward, how to set up challenges, host a hackathon, and how to develop an effective innovation program as a whole. You will then know why having dedicated innovation teams is your biggest differentiator over your competition. Please share what is working for your innovation program below.
To hear more about ways to develop a culture of innovation so you can unleash the power of innovation at your company, listen to our recent webinar with Aragon Research.