Many organizations have ways of innovating their products, services, and processes. Other organizations even have specialized Research and Development groups. However, few organizations have a systematic approach to innovation that encourages and develops innovation across the organization in every area.

In a recent survey by Bain and Company, executives affirmed their concern that there is an increase in the commoditization of goods and services all over the world. More than 75% of executives believe that a growing percentage of the goods and services they offer “behave like commodities,” while 56% say they should “focus more on revenue growth and less on cost reduction.” The respondents cited innovation as the key solution—86% of respondents believe that “innovation is more important than cost reduction for long-term success.”

One of the keys to successful innovation is utilizing the right metrics and then tying those metrics to employee incentives. In another survey by Bain, executives said the most valuable innovation metrics are: time to market, new product sales, and return on investment in innovation.

SilverQuest can help you develop a customized strategy for innovation in your organization.

Identifies new products or services for customers
Identifies new customers for your products and services
Creates a sense of excitement and anticipation among employees
Discovers new ways to deliver products and services
Creates a climate where new ideas are constantly generated
Develops intuitive approaches and combine with linear strategies

Place innovation as a critical part of your overall Strategic Plan
Communicate the importance of innovation to every employee
Create a forum or formal group where people who are involved can share ideas
Create a management structure that rewards innovation not hiding mistakes
Encourage small ideas as well as big ideas to innovate through constant feedback
Allocate resources to promote innovation
Assign responsibility for innovation to a leader in your organization