In the second article on innovation stakeholder management, Anthony Ferrier focuses on two examples where he tried to generate broad support for innovation efforts with varying degrees of success. The lessons learned from these experiences provide insights for practitioners to successfully navigate stakeholder relations.
Customers change. Competitors change. Technology changes. If you don’t do anything, new and competitive products catch up and overtake your products and services quickly. A study by A.D. Little has shown that the life cycle of products has decreased by factor 4 the last fifty years. So innovation is essential. But it is time consuming. It demands a lot of resources. And a positive outcome is very uncertain. In this blog Gijs van Wulfen offers a helping hand by identifying five common mistakes to avoid.
How does your company deal with mistakes? If continuous learning from your employees, innovation and even breakthrough innovation are important to you, it is critical you embrace mistakes, at least as sources for learning and invention.
The discussion about whether or not to do innovation is over. There have been numerous studies that demonstrate that innovation is central to higher margins, higher customer loyalty and long term viability. What leaders now struggle with is how do I do it and how do I measure it?
