Innovation capabilities are needed for growth
Why are innovation capabilities important for the growth of an organisation?
Have you ever wondered why some companies seem to always be able to pivot quickly in times of upheaval? Today, organisations are under a constant pressure to grow and stay relevant in an ever-changing landscape. Having the ability to navigate change, identify risks, and maximise on opportunities quickly makes the difference between drowning, staying afloat, or sailing towards a strong future for leaders.
For this reason, innovation is more important than ever before. More than a buzzword, innovation is not just about coming up with new ideas. Competitive leaders need to have the capability to turn those ideas into reality. That's why knowing what innovation capabilities are, and establishing them within your organisation, is so important.
Leaders need to be establishing specific structures and processes into the core of their organisation if they are serious about success. These need to specifically focus on the company-wide enablement of innovation thinking, its development and delivery. We call them Innovation Capabilities and they allow organisations to take a strategic approach to growth, build an internal culture of change-advocates, and continually develop new products, services and experiences that meet the needs of their customers. By investing in innovation capabilities, organisations set themselves up to remain relevant, adaptable and ahead of their competition.
Why be innovative in the first place?
Innovation helps organisations to create new products and services that meet the needs of their customers, but it shouldn’t stop there. Innovation can help organisations to improve their internal processes and operations, making them more efficient and effective. It can unlock entry into new markets and tap into new customer segments.
However, innovation does not just happen by itself. It requires leadership and commitment from all levels of the organisation. It’s the innovation capabilities that are the enablers a company needs in order to be innovation-driven. This includes everything from having the right infrastructure in place, hiring the right people and establishing dedicated innovation design teams, to having the right leadership approach.
What are innovation capabilities?
Innovation capabilities include all the processes, strategies and resources that enable individuals and organisations to problem solve, generate new ideas, and then turn them into tangible products or services. Innovation Capabilities encompass the acquisition and deployment of resources, including human, financial, technological, and informational, to foster the creation and implementation of innovative ideas. They are able to be grouped into three categories: Infrastructure, Leadership, and Culture. When it comes to the development of a culture of innovation, having strong capabilities in place provides the foundations to build teams that are open-minded to change, and willing to embrace new ways of thinking and working for the long-term.
More than just infrastructure and resources.
While innovation capabilities are often thought of only in terms of hard skills and resources, it's important to remember that innovation also requires a certain mindset. This means creating a culture that is open to new ideas and willing to take risks. Innovation must be built into the organisation's culture through initiatives that teach and explore human-centred design practices, allowing team members to truly become comfortable with change, understand the importance of empathy, and have the ability to develop adaptive work methodologies. Only with these things in place can innovation truly become a driving force for growth.
This needs to be driven from the top. True success comes from having leaders who are open-minded learners, passionate about innovation, have a clear definition of what that means for the organisation, and are willing to invest into it. Without these things, even the best resources and infrastructure will not be enough to drive innovation forwards. You can have the best idea in the world, but without innovation capabilities that empower and sustain, you aren’t going anywhere.
How strong are your innovation capabilities?
Measure your Innovation Capabilities now with WAVE ASSESS TOOL.
The WAVE Assess Tool is a 15 minute assessment that gives you an immediate, top-level insight into how you are tracking with your innovation activities. Read more about the tool here.
The tool will identify opportunities where you can grow your innovation capabilities. The assessment looks at the following key drivers of innovation across your organisation, determined through industry and academic research: Activating Innovation, Enabling innovation, Making market impact.
This article was written by Shannon Alice, who looks after all things communications here at WAVE. She has a deep understanding of marketing and understands the importance of empathy-driven communication to create strong brands. You can’t innovate if you can’t communicate, which makes Shannon’s creativity and her facility with visual language essential to the work we do at WAVE.
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