More Than Magic
According to a recent research study published by the IBM Institute for Business Value, outperforming organizations are 79% more likely to establish dedicated innovation teams.
For those of you who don’t have time to download, print, and read the whole thing, I’ve taken the liberty of collecting the highlights for you.
IBM’s analysis revealed three key categories that separate Outperformers from the rest:
- Organizational structures and functions that support innovation
- Cultural environments to make innovation thrive
- Processes to convert ideas into innovation
IBM found that Outperformers approach innovation differently. They:
- Align innovation with business goals
- Structure open forms of innovation
- Create specialized teams
- Lead with an innovation focus
- Encourage innovative behaviors
- Sustain innovation momentum
- Generate new ideas from a wide range of sources
- Fund innovation
- Measure innovation outcomes
Another important point to keep in mind, but not highlighted in the report, is the tension between inefficiency and innovation. The more inefficient the organization, the fewer resources available to invest in innovation.
Something to think about…
But more about that later in another post, so stay tuned!
If you missed the download link above, here it is again.