Connected Ideas_tech

Innovation Management: An Organisation’s Lifeblood

wazoku Blog

Many companies are concerned with being able to assess the value of what an idea management system would bring to them. The value of ideas is something that we have proven through our discussion of process excellence, but specific numbers are sometimes difficult to access. Primarily, it depends on the sector, the company, the employees, the clients, the stakeholders, and the efforts made to create an innovative atmosphere.

Connected Ideas_tech

What we prefer to point out to many of our clients is the worth of innovation, which one can see in many ways throughout a variety of sectors. In an article written for Open Forum, Glen Stansberry highlights one of the key reasons 9 out of 10 businesses fail:

Don’t stop innovating
I know a successful software company that came out with revolutionary software three years ago. It was a great product—something the market needed and was willing to pay for. Pretty soon the company, which started as a fun side project, became a good source of revenue. The product was on the head honcho’s radar, and soon there was a lot of financial pressure on the product. Now the cool, innovative software wasn’t being improved or developed, but merely maintained, supported and sold. There was too much at stake to worry about anything other than selling and supporting the existing software.

Fast-forward three years. The once-innovative software is now just like every one of its competitors. The fear of not making enough money cost them their innovation. They aren’t trying new things—they’re treading water and slowly sinking.

We highlight to our clients that innovation management can be and is the lifeblood of their organisations. It’s what allows them to find not just the big ideas that start their company and make it successful, but continue to improve. Among the other reasons businesses fail according to Stansberry advises make up the basis of the tips we give to clients and the reasons we feel that a real platform for their network is crucial.

We encourage our clients to not become process oriented and to allow employees to have the space to express themselves. Likewise, we encourage them to not fear the uncertainty that the platform might bring. So many businesses are adverse to taking risks and that aversion ends up costing them. While putting an amount on the worth of a single idea is next to impossible, the results of a lack of devotion towards making the changes your business needs to adapt and survive remain evident.