Whilst invention is worried with the creation of good ideas, innovation requires both the creation of ideas and the change of these into monetarily viable, market focused companies services. Rapid Innovation is the art of providing new products and services in less time, at less cost and with fewer ‘post implementation’ problems.
Rapid Innovation combines 3 key concepts; www.3dinnovations.com.sg/hdb-
? Getting to grips using what is going on in the marketplace, what customers really want (and not simply what you think they need) and understanding the competition.
? The adoption of ‘Concurrent Design’ concepts to eliminate barriers between teams and avoid sequential development.
? The use Rapid Prototyping tools that can easily create prototypes of products, or simulate new services to help iron away problems.
Innovation is about doing things differently and is therefore fundamentally different to improvement which is involved with doing the same things ‘better’. This kind of paper explores how firms can successfully and swiftly introduce viable new products and services.
Top Five Innovation Anchors
The power of an organisation to efficiently innovate can have many benefits. These include cost efficiencies, market leadership, brand development and more. However, there are anchors that gradual down the ability associated with an organisation to innovate effectively. These anchors can bring about lost market share, abnormal development costs, unexpected functional problems or damage to the organisation’s brand. The five most critical innovation anchors are described below.
Development Anchor 1: Failing to understand the market
It is rather easy to generate one hundred ideas before breakfast time but……
? Only 1 in one hundred ideas will bring about a product or service that is viable.
? Merely one in one hundred of the viable products and services developed will be market leaders.
A process is therefore necessary to kind out those ideas that are viable from the ones that aren’t. Feasible products and services are those that meet the explained or unstated needs of shoppers and therefore are capable of creating an economical return. The sorting process creates an ideas funnel where only viable ideas emerge.
The real key to successfully identifying feasible ideas is to understand the industry place in which you operate. Therefore seeing with potential customers and discussing what they want and understanding what products or services you will be competing with. If you do not do this you run the risk of blowing a lot of time and a huge amount of money.
Innovation Anchor 2: Failing to work collaboratively
One of the biggest problems that occur in the expansion process is that activities occur sequentially rather than concurrently. This kind of creates a virtual design where activities are ‘thrown over the wall’ from one team to the next in a chute of activity. The reality that ‘downstream’ considerations are not being considered at each stage ends in plenty of rework. Teams have to return activities for an earlier stage to correct mistakes, delaying progress and significantly increasing cost.
Collaborative development, involving multi-disciplinary teams, is a key to the concept of Concurrent Design and style. Teams involving expertise from across the development path considering all aspects of the lifecycle of the product or service being worked on can more than halve the lead-time from concept to rendering and reduce operating problems by 80% or more.
Innovation Anchor 3: Screwing up to empower teams
Having established a development team there is also a need to allow the teams to make decisions. Complex and terribly defined decision making techniques contribute directly to increased lead-times. Empowering teams means defining how the limits they can perform within and then letting them get on with it.