Practical Innovation

Managing ideas effectively

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Innovation is the process of making something new and of value. When we think of business innovation, two things typically come to mind: (1) research and development departments bringing new products and services to consumers, and (2) new systems and processes stemming from business process reengineering.

Innovation doesn't have to be as complex as this. Innovation is something that every one of us, at every level of an organization, can participate in.

Innovation on a grand scale is what can allow companies to excel. Look at some of the most influential businesses: Apple, Microsoft, and 3M. How many people want an MP3 player other than an iPod™? How many computer operating systems have most people used, apart from Windows™? What do you call those little pieces of colored paper that have sticky edges?

These companies are all examples of business innovation at its finest. They've made it a strategic priority to be groundbreaking and creative. At some level, though, all organizations need to be innovative, and to evolve their processes and products continuously.

Businesses that don't change risk being left behind. To avoid that risk, put the power of innovation to work. This could mean developing the next supertrend, or simply ensuring that you're doing the best with what you have.

The benefits of successful innovation can include:

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