Written by Sahira Kassis
Scientist William Brody, summarised the importance of innovation perfectly; “What is the calculus of innovation? The calculus of innovation is really quite simple: Knowledge drives innovation, innovation drives productivity, productivity drives economic growth”.
Innovation is vital for all companies to compete in markets faster and stronger, leading to more opportunities and growth. For a company to maintain constant growth and to be able to survive in competitive and reactive markets, it should ensure to seek continuous innovation and improvement.
The importance of innovation has been heavily emphasised by the government over the past twenty years, particularly through rewarding relevant businesses with the R&D Tax Credit scheme.
Here are six major steps that companies can follow to implement innovation:
Look at the problems your organisation is facing and need to be resolved. Then try to explore these problems from different angles to increase the possibilities. Observe to determine the needs and the weak points that you need to enhance.
Go through the notes and define the actual problem.
Prepare a clear list of potential innovations, you need to consider the limited resources available and try to prioritise potential innovations which are worth expanding based on the return and the benefit they will provide to the company.
At this stage, it’s time to begin with your innovation either by building prototypes or express your thoughts on paper by drawing the design. Throughout this process, you will be able to develop your concept and come up with modifications to your innovation.
It is important to get the people that are willing to provide you with resources and the people that are going to benefit from your innovation involved in your process. The feedback you will receive from the users will allow you to iterate and improve your innovation according to their needs.
If your innovation was a success or a failure, you should learn from it and that is what matters. Have a clear understanding of what you have learnt from this process to apply to your next attempt or even for your next innovation.