“Every organisation, not just business need one core competence and that is Innovation” – Peter Drucker
Many organisations are beginning to realise that what got them to where they are today might not get them through the next five years. However, the concept of Innovation has been over-used and misused and now very confusing, it is therefore imperative for organisations and their members to define what Innovation is to them.
For simplicity Elaine Dundon, the author of The Seed of Innovation combining four key components developed a common definition of Innovation as “the profitable implementation of strategic creativity”
- Creativity – the discovery of a new idea.
- Strategy – determining whether it is a new and useful idea
- Implementation – putting this new and useful idea into action.
- Profitability – maximizing the added value from the implementation of this new and useful idea
At times like this, when the world and businesses face economic challenge, global competition, market saturation of products and services, the new corporate mantra is INNOVATION.
So what does INNOVATION mean to you and your organisation?
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