In an ever-changing environment, where economic, societal and ecological uncertainties are redefining the rules of the game, companies must constantly rethink their approaches. This is whereinnovation is an essential pillar. More than just a stage in an organization's life cycle, it represents a veritable strategic driverThis is the key to creating value while meeting changing customer expectations and internal business needs.
But how can we turn this ambition into reality? The answer lies in the ability to formalize an innovation strategy aligned with the company's development objectives. This article invites you to discover the key steps to building an effective and sustainable innovation strategy.
What is an innovation strategy?
Innovation, according to ISO 5600X standardsis a new or modified product, service, process, model or method that creates value. This value can be financial, environmental, societal, organizational... While the notion of novelty is obvious in the current understanding of innovation, the notion of value is less easily verbalized. Thus, generating value for the company and its stakeholders is at the heart of the definition of innovation. This definition also has the merit of applying to all types of player: academics, associations, local authorities, etc.
The innovation strategy defines the objectives, resources and activities required to produce innovation. It is based on a vision, an ambition, defined on the basis of the company development strategy. The vision indicates the direction, while the strategy specifies how to get there and at what speed. It takes into account the analysis of internal issues (resourcesThe company's external (political, economic, social, technological, environmental and regulatory) and internal (economic, social, technological, environmental and regulatory) factors.
Formalizing strategy, and disseminating it throughout the company, are essential to the rational and efficient management of innovation activities.
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What are the stages involved in building an innovation strategy?
The steps involved in building an innovation strategy can be structured along the following lines:
- Formalizing the vision Define the direction of innovation in response to the company's strategic challenges.
- Understanding your environment and markets : Analyze major trends, markets and the competitive context to define the landscape in which the company is evolving.
- Know your strengths and those of your partners Carry out a strategic diagnosis and a map of available skills and material resources to identify innovation capacity and gaps.
- Define strategic directions Establish innovation priorities based on identified resources and opportunities.
- Define objectives and indicators Build qualitative and quantitative objectives and milestones for innovation activities, in a macroscopic way.
- Mobilizing (and safeguarding) resources Define an innovation budget and human resources, specify job descriptions and identify material resources.
- Communicate strategy throughout the organization is then essential for animating and anchoring the innovation culture. It's also crucial to adjust according to market feedback and developments.
- Last but not least, the innovation strategy is part of a continuous improvement process and adjustment to changing circumstances and feedback.
What are the key success factors for implementing an innovation strategy?
There are 5 factors to keep in mind:
- Adapting to the company Innovation strategy must be adapted to the company's DNA, culture and resources. Copying an innovation strategy from another company doesn't work.
- Management involvement : Management sponsorship is vital to give impetus and resources to the innovation strategy.
- Commitment : Involving key collaborators in strategy definition mobilizes people and ideas.
- Opening Open up to the outside world, to partners, customers and competitors, and observe trends as a source of inspiration for building your strategy. This is known asopen innovation or open innovation.
- Expertise : We need to retain the possibility of drawing on external expertise to provide methods and feedback, through consultants, key opinion leaders...
Structuring an innovation strategy is essential to meeting your company's current and future challenges.By formalizing your strategy, you can clarify your objectives, optimize your resources and foster innovation within your organization. By formalizing your strategy, you clarify your objectives, optimize your resources and foster innovation within your organization.
G.A.C. Group can help you maximize the impact of your innovation efforts.
