Innovation in Business.

In December 2008 I was at a presentation arranged by IMS of the IQUAD Group. This presentation focussed around innovation of business models. It gave concrete steps on how the process could be achieved. Whilst I do not believe in recipe-type solutions for business problems, the sentiment was correct. Innovation in business is paramount. Not only innovation in terms of product development, but innovation in terms of the business and the business process.

Most importantly, this process must be driven and orchestrated from the top. The CEO must hold the prime responsibility for the process, rather than a Director of Innovation or an R&D Manager. This does however require management teams to function in an interdisciplinary manner in an environment where business and technology are integrated.

The importance of this process must however not create an environment where focus on products, services and markets is lost and the drive for operational excellence and innovation must continue to be fostered throughout.

Notwithstanding the previous paragraph, an outside look into the decisions made should be a part of the decision making process and should define decision making where operational alignments and innovation iniatives are concerned. By requiring outside collaboration or looking at the business the a way a client would, forces decisions to be made to the benefit of the organization and not according the whims of the management team.