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Why is innovation important?
What is innovation?
What is innovation?
What is innovation?

Different people may have a different idea of what innovation is. Innovation, for one, is not creativity. It is not R&D. It is not even a purely technical matter. Innovation is not making idea campaigns. Innovation is also not a project.

Innovation is about creating value out of new or existing combined ideas. In the context of a company, it is commercial value. In other contexts it could be social value. Innovation is about creating the future, and providing sustainable profitable growth.

A one-time innovation can only bring a limited competitive advantage to the company, as all innovations can be copied in time. What is important for a company is to develop an innovation capability. We at Algoritma help companies develop a systematic innovation capability.

Every company has a potential for innovation. Leaving this potential on its own is a waste. Bearing this in mind we go beyond showing companies how to manage an innovation project. We consult companies on how to manage innovation.

Developing insights is one of the most critical steps in innovation. Insights are developed by a meticulous and systematic study of a number of resources.

Ideation for innovation has a divergence and a convergence phase. At the Front-End of Innovation, the aim is to develop many relevant, high quality, high potential ideas. At the convergence phase, ideas are refined, and those which will serve the company’s business in the best way are selected to be pursued as projects.

Innovation can also be a result of serendipity. The company needs to have the right processes and systems in place to evaluate such opportunities before they are lost. Algoritma’s methodology makes sure the companies are ready for innovation from everywhere, and helps develop innovation into a systematic and repeatable capability.

Innovation needs the right climate to flourish. The right leadership attitude and commitment and the right steps towards building an innovation-supporting culture in the company makes innovation the engine of sustainable profitable growth.

This engine will run at its full potential with the engagement of a company’s people. Integrating Algoritma’s innovation management methodology into the company’s way of doing business, its vision, strategies, processes, leadership attitude, and culture takes innovation to the next step, where it fully contributes to the company’s business results.

Innovation is usually considered as new, original products, and services. However, innovations can be done in processes, marketing, customer experience, and even a company’s business model.

Innovation is both for big companies and smaller companies. Innovation may not always require major funds. In the severe competitive environment of today and tomorrow, innovation is not a choice but a necessity.

Contact us now to become an innovative company.
 

 
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