Innovation readiness is a critical issue for any organization.
It’s easy to think of innovation as something that happens only in the lab or in small start-ups. Yet innovation is a key component of every business strategy. In fact, the term “innovation” itself derives from the Latin word meaning “to find again.” Companies need to continually reinvent themselves to remain competitive. They do this by developing new products, services, and ways of doing things.
Companies need an innovation strategy because innovation is a complex undertaking. In addition to the usual suspects—technology, people, and capital—innovations depend on a host of other factors, including organizational structure, culture, and the nature of competition. Most important, however, is the innovation system itself: the set of interrelated activities, structures, and processes that govern how a company goes about searching for novel problems and solutions.
We need to fail to a degree so that we can learn so we know how to move forward, how to be innovative and competitive.
Michael Haynes talks about that there are 5 elements of business innovation: product, services, organizational structure, process, and your marketing strategy and to succeed you need to be in alignment with your customer market and B2B buyer needs.
He also talks about that doing the upfront work really sets the framework for how you move forward and the lack of not doing enough of that that leads to miss opportunities or creating products that people don’t want.
Harnessing the Power of Digital Transformation in the Manufacturing Industry – Andrew Schwarz – Episode 65
In this enlightening episode, we had the privilege of sitting down with Andrew Schwarz, the Regional Sales Manager at SupplyFrame. Andrew shared invaluable insights on how SupplyFrame is leading the charge in driving digital transformation within the manufacturing industry.
Navigating the Evolving Role of Marketing in Manufacturing: Insights from a Marketing Director – Maryellen Stack – Episode 64
In this episode of Mind The Innovation, host Sannah Vinding interviews Maryellen Stack, Director of Marketing Communications for Saga Electronics, to discuss the evolving role of marketing in the manufacturing industry