So to understand value you need to have a well thought through strategy. Briefly it consists of
- Recognizing opportunities that are going to create new value
- You need to recalibrate your innovation radar and be selective on what offers new value, not just sustaining existing value,prune your pipeline to give additional ‘weight’ to what gives new value,
- Organize the organization into having a distinct, unique and consistent innovation rhythm of research, develop and then repeating this, time-in and time-out.
- Lay in the essential rewiring the organization always needs for aligning innovation to strategic goals, by making important organization changes and rock- solid comprehensive governance structures and metrics that seek to measure ongoing value from cradle to grave and finally,
- Reinforce the value by knowing the success factors within the make-up of value- exploring all the capitals and stocks.
Ultimately value creation has transformation power.
Value creation is a core need both in innovation and strategy. We do need to align our value creation story far better from our innovation activities. This is one of the critical sources of misalignment innovation leadership needs to address.
Understand the make-up of value creation, in the capital, stocks and flows and capture both the intangibles and tangibles better for the value creation story.
If this is well seen, understood and determined, it will deliver more on that promise that innovation does provide.
We do need to work on the benefits and value story so much more, otherwise innovation remains outside the core of organizations, always lagging behind the huge effort to support the business as usual
Comments