11th Jul 2007 12:00
To win in a competitive global marketplace, even the bestcompanies increasingly are being forced to fast-track innovation andproblem solving, according to Imaginatik plc (AIM:IMTK), a leadingprovider of innovation process and technology systems. Imaginatik andits Fortune 100 customers have observed consistent patterns incompanies that innovate quickly, consistently and effectively.Imaginatik customers include one in five Fortune 100 companies. £ "Innovation should be on every company's 'strategic must' listbecause the need for both enough ideas and the right ideas is greaterthan ever before," said Mark Turrell, Imaginatik's CEO. "Ideas cost solittle but can provide years of competitive advantage - multiply thatby the number of employees in a company and you've got a powerfulasset - the collective genius of your workforce, customers, partnersand suppliers." £ "The ability to innovate quickly while maintaining quality is acritical competency for any company that wants to sustain acompetitive advantage," said Carol Rozwell, Gartner Vice President andDistinguished Analyst. "Companies need processes and technology thatgives a platform and a voice to the most creative as well as the mosteccentric employees, partners and customers. Good ideas can emergefrom an inventor working solo, but more often they are a result ofcollaboration throughout an organization and its value network." £ Imaginatik's Top 10 Ways to Innovate Faster and Better £ 1. Leadership: The CEO has become the primary driver ofinnovation. In addition, the CEO's mantra has led in many cases to thecreation of the Chief Innovation Officer. And, most important, seniorexecutives are being held accountable for delivering innovation inproducts, service, pricing and new markets. £ 2. Innovation should be a habit: Knowledge should be shared acrossspaces. Companies successful as innovators encourage creativity andthe culture does not foster suspicion when employees submit ideas oroffer suggestions. £ 3. Rely on strategy not accidents: Companies need a set, effectivestrategy to foster innovation. Scotch Guard originally was created asa result of a lab accident. While there are exceptions, companies thatrely on luck alone will lose. Great organizations have a provenprocess for finance, marketing and human resources. So, why not thesame for innovation? £ 4. Swing for singles and home runs: Creating singles, or smallideas, incrementally adds up to better products and service. Byopening up that process, often a few home runs are struck. £ 5. Idea credit not money: Staffers want to make a difference.Employees who are creatively engaged often feel more rewarded than ifthey are offered more money. Feedback and recognition to every idea iscritical, even if it's just a few words. £ 6. Idea events and online deadlines: Effective ideas solve aspecific problem in a timely fashion. Online submissions and deadlinesinvolving everyone are great equalizers because general staffers,middle managers and senior executives submit in the same forum tosolve one challenge. Traditional brainstorming means shy employeesremain quiet, loud people take too much energy and senior peopleattract all the attention. Event problem solving gives equal judgmentand levels the playing field. £ 7. Healthy competition: The process of healthy competition inreaching a solution is effective, where as "bad" competition aiming togain at the expense of others is damaging. Healthy competitionincludes reward point and rankings programs that track ideassubmissions, comments and implementation. These programs work wondersto leverage company-wide talent and industry knowledge. And don'tforget extra bonus points to recognize breakthrough ideas. £ 8. Cost cutting is no substitute: Companies that skimp oninnovation may gain on the bottom line for a few quarters, but theremust be a solution to a longer-term problem. Organic growth requiresdeveloping competitive advantages and it always requires theinnovation. £ 9. Clear tangible targets: Innovation activities should yieldtangible, verifiable results. In the last recession, knowledgemanagement fell out of favor, not because of lack of value, but lackof measurement. Marketing and sales are assigned matrixes and soshould innovation. £ 10. Build an innovation pipeline: Companies become great byinnovating and that means building existing businesses and developingnew ones. Over decades, that fresh pipeline is how IBM transformedfrom typewriters to computers and, most recently, to businessservices. By the same process, Nokia has transformed itself from aforestry company, to a rubber products manufacturer, and most recentlyto a global telecommunications giant. Having a robust pipeline offersyou the opportunities for change - having the right leadership inplace allows you to take advantage of those opportunities. £ Last month, Imaginatik concluded its 8th Annual Global User GroupConference in Boston, attended by customer management from the U.S.,Europe, South America and Africa. The Conference included openinnovation presentations from Chevron, Hewlett-Packard, Pfizer andWhirlpool. Management attendees of the User Group industry andapplication has substantially grown over the years to include consumerproducts, manufacturing, chemicals, energy, pharmaceuticals healthcareand financial services. £ About Imaginatik £ Imaginatik's software and consulting services have helped clientsdiscover significant sources of additional revenue, as well astangible cost savings, process improvements and increased productpipeline. Imaginatik is also committed to developing strategicsolutions in the field of innovation, working with academicinstitutions such as the London Business School and the Cass School ofBusiness, London, as well as leading practitioners of corporateinnovation. £ For further information please visit www.imaginatik.com. Copyright Business Wire 2007Related Shares:
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