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Innovation Engine: Driving Execution for Breakthrough Results by Jatin DeSai

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CHAPTER 7

Innovation Management Process

Your innovation management process is the formal series of identifiable inputs, actions, and outputs used to understand the relevance, risks, and value of an idea. If the process is designed well, it will be flexible and scalable to enable rapid evaluation and include all stakeholders in achieving success. The objective of the process is not only to identify new innovative opportunities but also to quickly discard ideas that do not have desired value.

Creating a sustainable value creation system requires organizations to master all aspects of innovation, from idea finding to implementation. Most organizations know they must focus not only on product innovation but also on strategy, process, and delivery innovations. However, no matter which types of innovations are required in your organization, you'll need a rich basket of ideas. No ideas, no new innovations.

Then what?

Every time we work with new clients, finding ideas is not the problem. Doing something about them is the real obstacle. If there are hundreds of ideas in the funnel, which one is the best to pursue? In which order? As a knee-jerk reaction to solving this problem, many organizations will deploy an idea management software system—expecting the system to make everyone more innovative and help build new innovations. It is a good idea but often a bad strategy. For your innovation engine to perform at the maximum output level, idea management systems are required, but only after ...

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