Just think about how many times you’ve heard the word “disrupt” alongside some of today’s top performing companies like Apple, Google, Amazon, Facebook, or even Uber. Disruption or Innovation is what drives companies forward and keeps them at the top of their industries.
But innovation isn’t just something to do once. Companies need to keep innovating if they want to stay relevant and keep up with markets and consumers. Did you know that 88% of companies that were in the Fortune 500 in 1955 were nowhere to be found in that list in 2014? Of those 12% that managed to stay you will find names of companies that are continuously innovating their products and redefining what they do. Companies such as Boeing, General Motors, IBM, and even Procter & Gamble.
So, how does a company stay agile and become a breeding ground for innovation to stay relevant and at the top of their game? Here’s 3 ways to do it right:
Create The Right Environment To Breed Ideas
Too often organizations rely on very select pockets of teams, such as their top executives or special innovation and R&D teams, to come up with the ideas that will move their company forward. However, the best companies know that their greatest ideas don’t just come from the top down; they can be found all over their organization. From frontline employees who have a pulse on the customers to payroll people who may have a good idea on how to streamline processes, ideas can come from anyone.
Fostering an environment that not only allows people to put their ideas forward, but actively encourages them to, can yield some pretty amazing results. Remember, these ideas are always intended to help improve your company, so it’s worth it to hear them all.
Get The Right Team Together
Once you have an idea to work on or a problem to solve, having the right team in place will make all the difference. Think about everyone and every department in your company that this project could impact. This team should not only include execs, project managers, and developers, but should include someone from any department that the project will touch. If your project will eventually get to customers, be sure to have someone who deals with and knows your customers on that team. Also, don’t forget to include compliance and lawyers if you have them.
The more people you have represented right from the start of innovation means less going back to fix things when the idea hits a department that wasn’t included from the get go.
Know When To Bring In The Right Kind of Help
No one can be an expert in everything. And that’s ok. Innovation isn’t always an easy task and many times it means doing something you’ve never attempted before. When you get to these points, don’t be afraid to ask for help. Working with partners and/or other companies can help you achieve your innovation goals at a faster pace than learning how to do everything yourself from scratch. Finding a partner that can help your team innovate faster can not only save you time and money on the project, but can also educate your team so they can work better in the future.
To learn more about how large enterprises can succeed when it comes to innovation, join us on March 8 at 2pm the Intersect Theatre where leaders from Walmart Canada, LCBO, and Soapbox will break down how they foster innovation at their organizations.
And if you want to learn even more about how you can be an intrapreneur within your company, come out to the Intrapreneur Alliance Meetup also happening on March 8 (right before the Dx3 After Party).