Improve your innovation efforts
By PLANT StaffBusiness Operations General Manufacturing Conference Board of Canada Innovation
Conference Board report offers principles for practical strategies.
Despite public policies aimed at encouraging businesses to innovate, Canada’s business record remains mediocre and a Conference Board of Canada report says performance won’t improve unless companies change their approach to strategy, structures, and processes.
Innovation Management for Established Businesses: Management Matters, highlights practical strategies to help companies strengthen their innovation performance. It observes established businesses are likely to be large and will need a more organized approach. It recommends focusing on the following principles:
• Bold leadership is at the heart of innovative companies.
• Strategy determines what and how companies will innovate.
• Organizational structure influences the innovation effort.
• Successful companies give their innovation efforts adequate resources and stay the course.
• Innovation process management with appropriate metrics is important.
• It’s people who innovate, so people management is an important element of success.
The research was funded by the Conference Board’s Centre for Business Innovation.