Why you decided to choose this resource?
I chose this resource because there were not many blog posts on executing on innovation. Innovation is a buzz word that everyone seems to recognize but what does it really mean? After one determines what innovation means (to them, their work or their company), how does one measure and execute on innovation? How does an employee or stake holder convert innovation into ROI and / or help the greater good of society? I chose this resource in order to answer these questions for myself and for the firm to have a resource to execute on innovation.
What did you learn from it?
The word innovation is one of the most widely used — and misunderstood — terms in business. What used to be a means to create a successful enterprise, improve the lives of customers, and make the world a better place has been distorted to become an end in itself — usually ambiguous in definition and almost always immeasurable.
The Summary States, “To compete effectively, you must innovate: Not just once, but consistently, in all your products, services and business functions. But, profitable innovation doesn’t just “happen.” It must be managed, measured, executed on — and few companies do that well.”
Key points
- How to define innovation strategy, design portfolios and encourage value creation.
- How to match innovation to your overall business strategy.
- How to generate successful new ideas that drive maximum ROI.
- How to make innovation truly integral to your company’s business mentality.
- Ways to prevent your company from killing off its best new ideas.
- How to leverage innovation resources both inside and outside the organization.
- How to implement the right metrics and the right incentives to drive results.
How are you using what you learned?
I am using the basic concepts of this book to apply to the areas of Product Services and Research / Development. However these concepts explain that innovation should be at all levels and areas of a business. Even innovating on meetings or note taking can produce ROI.
How can we as a company or individuals in the company use this?
The company can use this is a resource for defining strategies to execution on innovative ideas. This resource will guide an individual through the practice of innovating on an idea through a measured workflow.
Source
Title: Making Innovation Work
Author: Tony Davila, Marc J. Epstein & Robert Shelton
Links: Summary Link