What is innovation? It is the process through which you come with an idea so as to solve an existing problem by introducing new products, services, and processes. The innovation lifecycle involves various 4 key phases, which include;
- Idea generation– This is the process through which you come up with ideas on how to solve a particular problem. To come up with an idea on how to solve the existing problem, it is imperative to first understand what exactly the problem is. This way, you can be able to come up with innovative ideas that will help solve it.
- Screening– After coming up with an idea, the next thing is to screen the idea. Here, you try and see if the idea is viable and if, indeed, it will help solve the problem. This stage is very crucial as it will determine if you will work with the idea or not. Therefore, everyone involved in the project should work together at this point to be sure that the idea will bring a long-lasting solution.
- Experimentation– This is the third phase which now involves bringing the idea into life. This stage marks the peak of the whole innovation lifecycle. It is whereby a lot of time and money is used so as to ensure that the process is a success.
- Implementation– The final step of the innovation life cycle is implementation. After commercializing the idea and marketing it around to see if it works, you now need to implement it fully.
It is also important to note that change is inevitable, making the innovation process a continuous one. Therefore, as you seek to solve one problem and implement the innovation successfully, you will need to keep doing the same for other issues with the aim to make things better. To learn more about the process, check out the open source book ‘How To Create Innovation’. In the book, you will equip yourself with knowledge on innovation and more that will help you grow and expand your business.
Why is innovation important?
One of the ways to achieve success in your organization is through innovation. Innovation has many benefits, some of which include;
1. Helps solve problems
One of the main benefits of innovation is that it helps solve existing problems. Innovation helps you come up with solutions that make work much easier. As a result, you become more productive, leading us to our next point, costs reduction.
2. Cost reduction
Every existing business is always looking for ways to reduce operational costs, and innovation can help you a great deal with that. Through innovation, you are able to come up with new ways that make things easier and processes much faster hence saving you on a lot of operational costs.
3. It helps you stand out
The business world is extremely competitive. For you to stay ahead of the competition as a business, you will need to become more innovative. Many investors and potential employees today are attracted to businesses that are innovative and those that have an innovative culture.
Innovation can improve your business is very many ways. As mentioned, innovation is a continuous process that aims to solve existing problems. It is important to note that there are risks involved in the innovation process, but the benefits are much more.