Innovative development management is an important – though undervalued – tool in facilitating long-term growth in competitiveness. It is not only relevant for innovative companies developing new products and services, but also for the companies that follow them, implementing the new innovations into their own operations. In order to develop an efficient innovation management system, it is critical to take into account both global best practice and a company’s long-term strategic goals and specific corporate culture.
The key benefits of a successful innovation strategy are:
- Improved quality of investment decision making due to taking a long-term perspective on technological development
- Drastic efficiency improvements based on the prioritised implementation of technology & managing innovative decisions
- Achieving cost reductions via the implementation of new ideas and suggestions generated by staff
- Development of a company’s corporate culture based, amongst other things, on increased efficiency from knowledge sharing
Strategy Partners Group assists our customers in realising a systematic approach to the management of innovation, starting with an assessment of the current level of innovative development and finishing with the elaboration of a comprehensive strategy and the construction of an innovative management system.
Our approach is completely practical and aimed at achieving sustainable positive results. This is ensured by applying the following fundamental principles:
- Focus on strategic goals.A key factor in the success of an innovative strategy is the focus on achieving strategic goals. The experience of various industry leaders proves that the most efficient innovative development programs and strategies are always aimed at achieving strategic corporate goals. This approach helps a company to keep its focus and transparency in managing innovative developments, and to avoid inefficient ‘innovation for the sake of innovation’.
- Comprehensive approach to innovations. Innovations are often perceived solely as new products or new technological solutions. We recommend that our customers broaden the detection range of their ‘innovation radars’ from identifying purely technical innovations, to also bringing into their spectrum management innovations too, i.e. the advanced management methods and processes which – when applied – ensure significant improvements in efficiency. Management innovations carry the potential to improve efficiency even in those industries where the development of new products and services is limited, for example, in the electrical power and transportation sectors. An innovations management system is a must-have element of any innovation strategy, since it allows for the establishment of the required innovations-management processes and serves to develop and engage the innovative potential of the company’s personnel.
- Best practice analysis. When developing an innovations strategy, we always perform a company benchmark study against the leading international companies to assess both the level of technological implementation and which management innovation systems are already in the company. This allows us to define the customer’s status in relation to the industry leaders, develop a long-term vision and set future priorities for the development of innovations based on the experience of leading international companies.