Integrating innovation into your business strategy
It is important to develop an environment/culture which will foster innovation.
A framework to support innovation includes integrating it into your business objectives by:
taking a holistic approach to innovation
establishing strong channels of communication
fostering a culture of innovation.
Global surveys show that innovation occurs where leaders encourage and protect it and executives actively manage and drive innovation. Where executives talk about innovation but do nothing about it, innovation is inhibited (Dodgson et al. 2008).
For an innovation strategy to be effective, it needs to be integrated into senior leaders' agendas. Using performance metrics and targets for innovation helps senior management integrate innovation into their normal pattern of business and creates an environment where staff are comfortable with innovating and better use of existing talents is made.
