The globalized business world today finds innovation as a necessity. Innovation is the ammunition that helps entrepreneurs to stand out in the crowd. With global competition becoming increasingly intense, innovation is no longer the domain of big multinational corporations.
A simple idea or innovation can turn even the smallest business into a successful venture. But the greatest challenges faced by companies today, are not a lack of ideas but rather, successfully managing innovation so that it delivers the required return on the company’s investment of money, time, and people. Most attempts at innovation fail to deliver this return—they do not generate enough payback.
Accenture study states that CEO’s believe innovation is not paying off. 93 percent of the CEO’s say the long-term success of their organization’s business strategy depends on their ability to innovate. But just 18 percent of CEOs say they’re seeing their investments in innovation pay off. Why so huge percentage unsuccessful, probably because they lack cautious and systematic approach toward managing innovation.
To stay ahead of constant change “innovation management tools“ are playing a greater role enabling enterprises to actively manage innovation.
A survey conducted for 519 executives of diverse companies notes that by putting formal innovation systems in place, 43 percent of organizations report satisfaction, in contrast to the 24 percent with only informal systems, which indicates that satisfaction in innovation almost doubles when an Enterprise Innovation Platform is in place.
Organizations can stay ahead of the competitive curve with Innovation platforms, by bringing up and nurturing most creative ideas with the highest potential and return for the business.
In short, “Innovation” does payback, provided enterprises handle it tactfully, understanding the strategic objective and tapping crowds to pull out augmented and transformative ideas with the help of innovation/ idea management solution to drive success and growth.