Innovation has become a buzzword behind which too many bureaucrats are doing their worst.
Innovation should not be considered and treated as a goal in itself, but as the means to the goal - defined as the relevance, competitiveness and success of the organization. The success of a firm is predicated on:
A market of sufficient significance (size) and/or growth;
The competitiveness of the firm in serving its market as determined by:
The desirability and affordability of its products and services;
The effectiveness of its interactions with the market in terms of understanding it, promoting to it, collaborating with suppliers and partners, accessing its targeted customers, and satisfying them and the other stakeholders;
The efficiency of its operations (management, development, production, HR, quality, distribution, supply, marketing, sales, etc.);
Its financial strength;
The culture of the organization (including leadership, skills competencies, etc.); and
Luck – an imponderable and largely uncontrolled ingredient that has been well recognized by business leaders and military strategists since time immemorial.
We need a comprehensive innovation management framework capable of addressing all the above domains of competitive innovation. I have developed one which I would like to share with you all.