Why is it that innovation is limping along, even though a lot of resources are being used? We wanted to know more and evaluated relevant projects. One thing first: there is no lack of creativity and resources. The high number of innovation projects pursued and the broad variety of topics are proof of this.
What is often missing, however, is focused and strategic management of the innovation process. In the cases examined, it was difficult to determine how the projects were prioritised: Were they sparkling ideas, calls for innovation from management, announcements from competitors, promises to customers, visits to trade fairs, agreements among specialists, free budgets or even underutilised resources in the innovation area?
Our insight: Innovation needs clear strategic goals and directions and a systematic approach. Focus innovation projects on a few strategic focus areas selected by the company management in order to use your resources in a targeted and worthwhile way and to develop your business successfully.