New ideas come from all directions: from staff on the shop floor, your R&D department, senior managers, companies in your supply chain, even customers and members of the public.
There is no shortage of ideas. Innovation is in the air: every company is capable of generating new thinking. The challenge is to gather it all together and turn it into reality, especially in these post-Brexit times.
Every stakeholder in your business has a role. True innovation is a shared endeavour in which everyone plays a part, but once your company has established an entrepreneurial culture in which new thinking is encouraged, leaders must find ways to harness and develop it into new, profitable products in the marketplace.
This means it is essential to take new ideas seriously and back them with real support even if it’s a gamble. Companies wishing to be at the cutting edge can’t afford to be risk averse.
Sometimes mistakes will happen, but forward-looking companies accept that getting it wrong can be a great teacher.
Successful business leaders focus on potential value, without initially placing too much emphasis on immediate results. A longer-term view can be a great asset.
The scientific approach we favour at Vizibl says innovation is fast becoming an industrial process built into a company’s systems. It is not left to chance but developed and promoted systematically.
It’s becoming ever simpler with the arrival of AI – artificial intelligence or “machine learning” – which dramatically speeds up analysis of complex data.
The most innovative companies take a positive approach, pitching for a leading position in the market place, getting ahead of the competition and taking full advantage of the entrepreneurial thinking within its own family of stakeholders.
In particular this means fully utilising the value available in supply chains. Organisations that build innovation ecosystems fully involving their suppliers will become the strongest and most successful.
At Vizibl we say: welcome and embrace innovation from wherever it may come, and develop it in a systematic, scientific way to deliver the best results.