7 Tips for Streamlining the Process of Corporate Innovation
Innovation is the name of the game. Gone are the days of chasing efficiency and productivity. Companies across the world are now running after innovation, not just in their products but also in their business processes. With the advent and continuous improvement of new technologies, businesses are opting to reengineer the way things have always been done, bringing in fresh perspectives to enable innovation in their processes. Corporate innovation is the need of the hour for companies who aim to maintain a solid competitive edge, while adapting to a dynamic market, changing trends and ever evolving customer needs.
This process can often be daunting, especially when trying to navigate complex challenges that the organisation faces, including human resource management, level of data-influenced decision making to adopt, and bearing business risks. Streamlining this corporate innovation can facilitate companies to channel their resources, improve their own efficiencies and lead to faster results. Lets deep dive into top 7 strategies to streamline the process of corporate innovation :
1. Establish Clear Goals
A lack of focus leads to cluttered ideas and poor execution. When goals are too broad, or management has skipped over defining them in a clear manner, it becomes difficult for teams to work together towards a common objective. Establish SMART goals, i.e. Specific, Measurable, Achievable, Relevant and Timebound. This will ensure that teams spend their time and effort on initiatives that have a direct, positive impact on the organisation’s overall goals.
2. Foster a Culture of Innovation
The foundation of any successful innovation is a supportive work culture. Employees will be more motivated to contribute with their own special takes on innovation when they feel valued, empowered and believe they have a safe space to express their creative ideas, without judgement or the fear of failure. The organisation can foster this feeling by rewarding members who dare to dream and contribute to innovative thinking. The company can also sign their employees up for training sessions on problem-solving, and workshops that build upon their skills and expand their horizon. Connekt is a marvellous Coworking space in Andheri East that curates events and sessions for their clients with the sole agenda of empowering their members to be future ready, with innovation and inspiration at the core of what they do.
3. Maximize the Benefits of Cross-functional Teams
Employees are great at identifying problems, and even better at spotting opportunities for the business’ growth. Cross functional teams are built with individuals from various departments (marketing, sales, HR, finance, operations etc.) coming together to collaborate on a new idea. They are fuelled by passion and creativity, and the diverse perspectives of each individual usually yields robust business solutions. These balanced perspectives make way for a holistic approach to innovation, thus making it possible to address multiple facets of the same problem. These teams also improve communication and help in eliminating silos from the organisation.
4. Idea Management System Implementation
Documenting, storing, reviewing and evaluating ideas of employees across the organisation can be an easy process when one has an idea management system in place. By utilising a central platform, organisations are able to quickly streamline the ideation phase, thus ensuring that valuable ideas are not overlooked. Filtering through new ideas is also an easier process when they are all in the same place, on the basis of relevant criteria that align best with the organisation’s goals. This system also offers employees transparency along with the progress of their suggestions, which boosts their engagement and motivation to contribute more effectively.
5. Streamline the Decision Making Process
Decision making is a lengthy process, and too many cooks can spoil the broth. Hence, it is preferable to have key decision makers in place, who are quick to ensure that good ideas have momentum and the necessary approvals to move forward. Prior establishment of decision making criteria for evaluation can increase their potential impact and feasibility. Connekt is a Coworking space in Andheri East that’s known for enabling training sessions that contribute positively to its members’ professional and personal growth. These sessions include sharing strategies on how to set up regular checkpoints and how to fast-track promising projects, and more.
6. Allocating Resources Wisely
Countless innovations aren’t taken forward due to the lack of the right resources. Sometimes it’s financial lacking, other times it’s a lack of the right team members, and more, which lead to innovations not being realised. Businesses must invest time and energy in allocating resources specifically for new innovations, which enable them to progress smoothly. Organisations can identify high-priority projects early on, and innovations with the potential to disrupt for the better, and accordingly divvy up their resources to maximise efficiency.
7. Partner Up!
External collabs are extremely beneficial because they bring complementary expertise and new thoughts to the innovation process. Collaborating with startups, R&D companies etc. can lead to the business gaining access to specialised knowledge and cutting-edge technology, along with actionable market insights. Risks and costs can be shared and efficiency can be maintained, and by engaging in a broader ecosystem, organisations can keep up with industry trends and emerging new opportunities. This is prevalent in Connekt coworking space in Andheri East wherein members network and collaborate with each other, forging new partnerships that lead to exponential growth for both.
Corporate innovation is easier once the organisation refines and streamlines the approach, leading to employees harnessing their creativity more efficiently, and aligning resources that ultimately drive the business to achieving sustainable growth and new paths of business.
If you’re on the lookout for coworking space in Andheri East connect with us on +91 9136439151 or email us at mumbaisales@connekt.co.in We offer coworking spaces in strategic locations across Mumbai’s central business district, and have customisable solutions tailored to your business requirements. Lets be a part of your growth story, onwards and upwards.
