As we have previously written about, Innovation is not a product. It isn’t a person. It’s a process. It’s a process that you need to continually invest in. And it’s a process that has to be built on a strong foundation.
That foundation consists of four key pillars.
Pillar One – Communication Plan
Communication Plans are not just for shareholders and potential customers. They are also a valuable tool when communicating direction and progress to internal employees. We work with our clients to develop custom Communication Plans for keeping employees in the loop as well as promoting successes of the Innovation program and its participants.
Pillar Two – Idea Collection
Our InnoSpecting Framework leverages the collective intelligence of the entire organization, allowing anyone with an idea on how to improve the way business is done to suggest it. These ideas are then compiled and ranked by the executive staff based on priority and alignment with the organization’s strategic direction.
Pillar Three – Regular Review
We call it the Innovation Pulse™. It is where the corporate decision makers get together to review the progress of the Innovation Portfolio and make decisions on its direction. The length between reviews is completely up to the organization, but it needs to be routine and all key decision makers must attend.
Pillar Four – Rewards Program
By rewarding those who provide ideas that increase revenue or decrease costs, your program will experience more participation and lead to better results. While sometimes these rewards comes in the form of one-time bonuses, we implore organizations to consider Social Rewards as they have proven to be more effective than material rewards. Check out this article from Inc. to learn more.