Introduction to Innovation

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A brief overview of what innovation is and why it is important to an organizations life.

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Introduction to Innovation

  1. 1. Introduction to Innovation
  2. 2. “For almost 90% of CEO’s, generating organic growth through innovation has become essential for success in their industry.” Source: Boston Consulting Group
  3. 3. Definition of Innovation • VerseOne’s definition of Innovation is positive financial and organizational growth resulting from your ability to develop and deliver unique products, services and business opportunities; ultimately enhancing your position within the industry.
  4. 4. Why is Innovation Important? • Enhances your ability to create value to your shareholders, customers, vendors and employees • Reduces costs to your organization • Strengthens your brand image • Provides stronger business relationships …Leadership
  5. 5. Innovation Examples • Kraft Foods: Parkay Margarine
  6. 6. Innovation Examples • Coke: McDonald’s
  7. 7. Innovation Challenges • Globalization • Changing Markets • Changing Customers and Their Needs • Changing Technologies • Outsourcing • Speed at which innovation becomes obsolete
  8. 8. Innovative Thinking “Innovative thinking is the nucleus of innovation”
  9. 9. Levels of Innovation Maturity Everyone in the organization contributes to identifying and Dispersed realizing innovative new solutions. Innovation chains extend the innovation capability beyond the organization. Methods that actively control and maximize the outcomes of the innovation process are widely deployed and used. The organization Managed is forward looking and actively strives to create the future rather than react to change. The emphasis is on innovating in order to own specific spaces in the market. Companies have a defined process for innovation. A variety Defined of methods are deployed and used. An environment for innovation promotes experimenting and lessons learned. The emphasis is still on innovating specific solutions Companies are able to innovate more than once. They innovate by throwing enough resources at Repeatable opportunities. Many efforts fail, but, through sheer volume of efforts, the company is able to succeed more than once. Every company has the ability to innovate – it is Ad-hoc just a matter of being in the right place at the right time. This level is the baseline of innovation.
  10. 10. Where is your organization on the Innovation Maturity Pyramid
  11. 11. The Innovation Pyramid
  12. 12. VerseOne’s Innovation Process • Assess your current innovative capabilities – web assessment tool • Hold an innovation kick-off retreat • Develop a innovation action plan • Deploy the innovation action plan • Assist while you monitor and measure your innovation results
  13. 13. Want To Know More? VerseOne, Inc. 708-301-5566 Homer Glen IL 920-882-1474 Appleton WI 877-301-4595 Toll Free info@verse1.net www.verse1.net /LWI
  14. 14. Thank You

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