Wednesday, February 4, 2015

Is Innovation at the Forefront of Your Organization? 4 Steps to Become a More Successful Innovator

Many innovation-focused projects kick-off in the beginning of a new year. However, successfully implementing process changes across an organization can be difficult. A steady output of innovation is critical to ensuring and maintaining a competitive advantage in any marketplace. But how do The World’s Most Innovative Companies, like our client ARM, become and stay successful innovators?

In a recent Forbe’s article, “How Being a Good Manager Can Make You a Bad Innovator”, contributing authors, Nathan Furr and Jeff Dyer, discuss how traditional management styles can slow down the innovation process. The article then goes on to highlight four important steps organizations can take today to become more successful at innovation:

Step 1: Insight: Savor Surprises. Leverage questioning, observing, networking, and experimenting—to search broadly for insights about problems worth solving.

Step 2: Problem: Discover the Job to be Done. Rather than starting with solutions, start by deeply exploring the customers’ need or problem—the functional, social, and emotional job to be done—to be sure you’re going after a problem worth solving.

Step 3: Solution: Prototype the Minimum Awesome Product. Instead of developing full scale products, leverage multiple virtual prototypes to explore many solution dimensions, then iterate on each solution to develop a minimum viable prototype and eventually a minimum awesome product—one that truly delights on a particular dimension.

Step 4: Business Model: Validate the Go-to-Market Strategy. Once you’ve nailed the solution, you’re ready to validate the other components of the business model, including the pricing strategy, the customer acquisition strategy, and the cost structure strategy.

Taking these critical steps can help ensure your new innovation projects are on the path to success, and that your organization is on its way to making next year’s World’s Most Innovative Companies list.  

To learn more ways Anaqua helps companies improve their innovation, visit www.anaqua.com