| The
myths of innovation |
| |
What are some common myths about innovation? Firstly,
many people
believe that it is the individual that drives innovation.
This is a fallacy as one of the most important
ingredients of innovation is teamwork.
An individual’s work is futile as harmonious
effort is necessary to achieve innovation within
an organisation.
Secondly, it is a misconception that innovation
begins with brainstorming. Many wonderful inventions
and ideas were developed during a person’s
leisure time. For example, the famous Archimedes
developed the concept of buoyancy while sitting
in his bathtub! All too often, innovations
are inspired by day-to-day events rather than through
brainstorming.
Next, people seem to assume that innovation requires
creative people. Creative people certainly do help
in the process, but it requires a whole team for
an innovation to be brought to completion. Business
success begins with understanding the customer.
This is followed by effective problem-solving (not
just by creative people), and finally the innovation
process. Both creative people and individuals
who are details-oriented are needed to see an innovation
from conception to final exploitation.
One other myth is that the innovation process will
produce the results you need. While the innovation
process is important for fostering a creative culture,
just implementing the process will not work. Other
critical factors that are needed for a business
to succeed are motivation, vision, support, organisational
culture and a leadership that “walks the talk”.
With proper leadership support, an innovative
culture sets in and it is that culture that enables
the company to grow and reach new heights.
Factors that drive
innovation
Renowned author and quality management consultant
Paul Plsek once described five factors that drive
the need for creativity and innovation in organisations
today.
Firstly, superior long-term
financial performance is associated with innovation.
Most organisations will agree that innovation, change
and new ideas are essential ingredients in the recipe
for success.
Secondly, customers
are increasingly demanding for
innovation. Technology is shaping the way
organisations provide products and services. As
customers experience innovations in the most mundane
transactions, such as banking and online transactions,
their needs become more complex. Customers must
be continually satisfied otherwise they will shift
their loyalty.
Thirdly, competitors
are increasingly better at copying innovations.
Regardless of the industry, the rate at
which competitors are able to copy and re-modify
a product or service is alarming. Some organisations
have even set up two creative design teams —
one to work on improving a current product, and
the other to develop a new product. This staggered
design approach enables new or innovative products
to be produced at a faster rate. So by the time
a competitor copies their existing version, the
new version is ready to be rolled out. Thus the
question is no longer “Should we innovate?”
but rather “How fast can we innovate?”
Fourthly, new technologies enable innovation.
We are living in an era where the world is connected
and communication and business transactions are
practically seamless. This provides ample opportunities
for business and interpersonal interaction.
Finally, in an increasingly complex
world, what used to work doesn’t anymore.
All products have a life cycle. Hence we need to
change and move on to improved versions. If we don’t
make the effort to change, we stand to become a
thing of the past.
Innovation
is critical
So why innovate? We innovate because we need to.
If we don’t, someone else will and they will
beat us to the profits. We need to innovate and
we need to do it faster than anyone else or the
delay, even if it is a slight one, could cost us
dearly. The bandwagon waits for no one. |
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By
Service Quality Centre Pte Ltd
Next: IDEAS begin with
'I' |
