What is an innovation strategy?
What advantages does it offer? And how do companies develop innovation strategies? The most important topics for the sustainable development of your innovation strategy are listed here.
In an innovation strategy, companies and organizations determine which new products, services and processes they want to develop within the next few years. An innovation strategy aligns the development of innovative products and services with future corporate goals.
An innovation strategy defines strategic innovation fields. Challenges and the resulting need for change within the company are also defined. The innovation strategy is a part of the corporate strategy. All measures and goals for the future are defined with which a company wants to develop long-term innovative products, new business areas and optimal processes. The necessary steps to achieve the goals of the innovations strategy are defined in a concept.
A sound basis for the development of your innovation strategy can be found in our academic paper “Strengthening Innovation Capacity through Different Types of Innovation Cultures”. In the paper, you will learn how to develop holistic innovation strategies based on your innovation culture. You will learn how to develop a sustainable innovation strategy and how to establish a professional idea management and innovation management.
How to develop an innovation strategy
Companies developing an innovation strategy should answer key strategic questions, analyze future trends relevant to their business, watch out for hidden customer needs and prepare a list of the competencies they need to develop innovation successfully. Especially in times of digital change and digital disruption it is important to regularly develop and modify an innovation strategy.
Another way to identify hidden customer needs is to develop innovation through collaboration with your customers. In innovation management, this is referred to as “co-creation”. Thus, customer needs flow directly into your innovation strategy.
Tips for developing a successful innovation strategy
- Include employees at different levels: They all shape the process of building up the innovation strategy together.
- Form cross-departmental teams: This allows the creative potential from the various departments to be used optimally.
- Motivate your teams: With enthusiasm and a positive attitude, everyone works actively on the implementation of the new innovation strategy.
Through Innolytics® Innovation Management Software and Idea Management Software, you can turn strategy development into an interactive, lively process – a big plus when developing an innovation strategy.