Innovation Live 2015- The Definitive Conference On Innovation for SA’s Private & Public Sector Decision Makers

0
661

Which innovation technology platforms are providing the best return on investment with the means to measure the cause and effect relationships of your “employee-customer- profit-value chain” and distinct competitive advantage. 

THE CIO’S DILEMMA: ONE SIZE DOES NOT FIT ALL

CIO’s are confronted with a plethora of new technology solutions to drive their innovation efforts. “Whilst technology can certainly amplify your programs and processes and build a backbone to communicate, sustain and manage your innovation interventions one has to be mindful of selecting the appropriate solution which is matched to your organisational maturity, needs and communities.” says, Richard Copland Innovation Ambassador for Innocentrix UK.

THE 3 CRITICAL TECHNOLOGY FINDINGS

In 2013 Forrester Research evaluated 14 significant platform providers and 104 business & IT decision makers and according to this 2013 Forrester Wave™ Innovation Management Tools review they show that the best results and value is less about the specific feature set of any individual management product and more about the appropriateness of the solution in respect of three key organisational considerations.

  1. Your organisational innovation maturity.
  2. Your specific internal goals.
  3. Your expected user communities.

MORE THAN HALF OF COMPANIES REPORT A LACK OF RESOURCES TO ACHIEVE VALUE FROM INNOVATION

The Forrester report also showed that the 3 biggest challenges facing organisations are;

  1. Resource constraints in terms of time and people.
  2. Budget constraints.
  3. Structured process and procedure to ensure a deliberate approach.

This was evidenced in their research where fewer than 45% of companies surveyed have people dedicated to innovation, with defined processes and only 33% have funds dedicated to incubating and commercialising ideas.

20 years ago, Tom Peters said; “Innovate or Die” and “Be Distinct of Extinct”. This warning bell for organisations has rung so true, evidenced by the success of the companies who achieve a compelling competitive advantage with their obsession for new ways to deliver services, create new products and engage with new communities to constantly challenge “business as usual”.

WHAT MAKES A GREAT INNOVATION MANAGEMENT TOOL?

So what do organisations currently consider when selecting the appropriate management tool? On the front end, the platforms allow companies to gather ideas from authorised participants which can include employees, external partners and importantly their customers.

On the back end, the technology should enable you to establish governance, funding, incentives, measurement, and communication programs. An overarching success factor observed includes the necessity of a well, staffed and funded process.

CUSTOMER CENTRIC SUCC-ESSENTIALS: AN INNOVATION PLATFORM THAT KEEPS YOUR FINGERS ON YOUR CUSTOMER’S PULSE

Business thought leaders all concur and currently evidence that a customer centric approach is critical to business success. Dave Ulrich talks about HR from the Outside-In, urging companies to design their people processes according to the needs of their customers. Dave Norton and Robert Kaplan have also shown that unless your strategy is about a customer value proposition with robust metrics to show you “what is working” and “what is not’ you can fall in to the trap of “innovating for innovation sake” rather than using innovation to drive your competitive advantage. This is what they call an “employee-customer-profit-value chain”.

What does this mean for your innovation programs? According to the Forrester report many companies report that their platform provides an outlet for customer facing employees, call centre agents or field technicians to propose new products or processes based on their first hand interactions with customers.

Does your innovation management platform allow you to engage with your customers and your frontline people to scrutinise your “employee-customer-profit-value” cause and effect relationships?

TOOLS CAN’T CURE ALL CULTURAL ILLS

Richard Copland reiterates that the Forrester research shows that the organisations that enjoyed the most success and positive return on investment were those that matched the appropriate tool to their innovation maturity and the participants or community they engaged with.

Innovation Live 2015

On the 19th and 20th February 2015, 10 International Experts and 5 of SA’s leaders in implementing innovation, will present case studies to demonstrate their lessons learned and the success factors required to achieve innovation capability that delivers tangible ROI.

Richard Copland who serves on the adjudicating panel for The Economist Global Innovation awards will present the more recent findings in terms of The Forrester Wave ™ Innovation Management Tools Report on the 19th February at Innovation Live 2015. In particular he will show how companies are creating platforms that keep them up close and personal with their customers and employees. He will also highlight the culture gaps that cannot be fulfilled by technology.

Blog Post Courtesy of Innocentrix for Innovation Live 2015

For more information about Innovation Live 2015 – The definitive innovation event for decision makers in South Africa go to www.innolive.co.za or contact Nhlanhla Mlambo by calling 012 844 0084 or email nhlanhla@innocentrix.co.za