However there are some pitfalls which, if not addressed, can drain the confidence of your senior leadership, and ultimately put the success of You Build It You Run It at risk. It accelerates your time to market, increases your service reliability, and grows a learning culture. It empowers product teams to own every aspect of digital service management. Employee engagement and development is vital.You Build It You Run It operating model is a powerful tool.Sustainable innovation capability is a long-term game – patience and consistency are a must.You need to implement a clearly defined strategy and practical operational framework.British companies need to innovate to increase productivity and maintain competitive advantage.You have to take the longterm view.Īnd while it’s trite to say the pace of change in business is faster than ever, what we have seen is that because of that pace, companies can very quickly be disrupted by new and existing competitors who are more successful at embracing innovation.” But they see building innovation capability as a journey rather than a destination. They’ve built up best practices and have been successful. They started on this journey over a decade ago. Whirlpool home appliances is known as being an innovative company. Embedding innovation capability takes time. Show them how innovation can help them do their jobs better as part of everyday business, support them and recognise their achievements.”Įmbedding innovation in the business leads to a cultural change where people have a shared purpose and believe in the importance of innovation and the benefits that come with contributing to it.ĭennis adds: “Companies already have good innovation capabilities they can leverage, but they lack a cohesive innovation strategy and model that ties it all together. Have innovation in people’s objectives, give them feedback, and develop innovation talent. This is where people development comes in. “If you just say that innovation is part of everyone’s job, employees won’t understand what you expect. “Creating ownership and accountability is key,” he adds. These might include online ideas forums or Dragons’ Den-style pitches, but Dennis says it needs to be more than one-off events the key to true innovation success is having it become part of a team’s day-to-day working practices. Included in employee engagement are mechanisms for driving employee participation in innovation. The latter, for example, might be links with a university, whose cutting-edge R&D can help you develop new products or services. The framework lays out clear and simple processes for employee engagement, innovation development and governance, effective communication, and for managing internal and external networks. To deliver the strategy, Dennis advises that a business needs three things in place: an operational framework, investment in people development and cultural change. The CEO and Executive team should drive the innovation strategy and demonstrate clear sponsorship. “How disruptive do you need to be to compete successfully? Prioritise what will get you the best returns.” “The strategy needs to define what innovation means to your organisation, the portfolio of activities you’re going to implement to hit your strategic objectives and what investment you need,” he explains. What I tell my clients, is to take an holistic view when it comes to innovation It starts, he says, with an innovation strategy. As an innovation expert, Dennis works with these organisations to advise on how to embed an innovation capability that delivers commercial results. “Yes, it’s about new products and services, but it should be about all aspects of your business model: processes, financial models, technology, customer propositions and your customer and brand experience.”ĭennis has many years’ experience of working with a range of organisations, including FTSE 100 and Fortune 500 companies, as well as high-growth SMEs. “What I tell my clients, is to take an holistic view when it comes to innovation,” he says. For others it’s a term best left to the Apples of the world to describe their latest gadgets.įor Dennis, innovation is about delivering new value to your customers and your company, whatever type of business you are. Many companies already describe themselves as ‘innovative’, but how many implement a solid model to ensure it’s embedded in everyday business? We spoke to growth and innovation expert Dennis Pannozzo to find out how he helps companies build sustainable innovation capability.įor some it’s a nebulous buzzword that sounds good on the About us page of the corporate website. In response, the CBI has called for businesses to become more innovative and raise their performance. Although Britain’s economy expanded 2.8% in 2014, productivity has fallen for the third successive year.
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