FX.co ★ Innovations in modern realities: how to introduce and what to promote

Following a clear strategy of the innovative development, keeping track of internal business processes, and cost optimization are just some know-how that deserve to be used. More details on what else needs to be done to introduce innovations into the practice of successful business are in our photo gallery

Define the limits of experiments

It should be clearly understood that the introduction of innovations should not endanger the core business, since a poor prioritization leads to bankruptcy or to the inefficient use of resources. Therefore, the initial stage includes the definition of experiment limits related to new technologies.

Define the limits of experiments

It is curious that different rules apply to large, medium, and small companies. The most difficult thing is to implement innovations of medium-sized businesses, because it is almost impossible to calculate the economic effect of costs for new technologies with high accuracy, whereas large companies with stable financial indicators are easier to orient in planning their own budget, and in order to keep on track, young growing firms have no choice but to constantly experiment and look for new solutions.

Create an innovative atmosphere

In the creative laboratory of innovations, even the most crazy idea, at first sight, is worthy of reflection and discussion. Anyone can be a generator of ideas - from customers to employees of the organization. And here it is important not to accidentally prevent access by displaying initiative to ensure that the flow of creative drive spread to every corner of the company and finally brought business to a new level, allowing to create fundamentally new products and services. The efficient development of human and creative potential of the organization will deliver benefits.

Create an innovative atmosphere

So, the American Amazon invests huge resources for ambitious experiments in the field of innovations, such as delivering goods using drones or printing local orders on 3D printers. The purpose of such know-how is to "catch a wave" in changing consumer habits or in the ways of running business and thereby to keep the company's leadership in retail. The Internet giant Alibaba Group, which annually invests in the development of intelligent warehousing and delivery technologies, as well as a global logistics infrastructure of more than $10 billion, is not far behind Amazon. Google is known all over the world thanks to the company's cultivated policy of promoting startups - small individual projects of employees giving life to many technological solutions.

Ensure the support of the management

It is no secret that in large companies with the established corporate culture and regulations, startups can find difficulties for their realization, however, if a top manager and general direction of a company are interested, then they give the green light for creative initiative and participate personally in brainstorming and working meetings on the development of innovative products, becoming main stakeholders of projects and helping their teams to overcome administrative barriers.

Ensure the support of the management

An example of competent maintenance of innovations is the Mars Foundation of Bold Ideas, where contests of creative business ideas are regularly held among the company's employees. Selection passes only the most ambitious, adventurous, and extraordinary projects that relate to the company's business processes, have a sponsor in one of the company's managers, and thus are more likely to bring results.

Grant independence to the innovation team

Among two existing means of introducing innovations – purchases of ready projects and the creation of own technological solutions – the last one will be more effective and cheaper. However, it requires greater flexibility in making decisions, since it relates to the necessity of bureaucratic approvals which can nip any initiative in the bud. Space for experiments should be free from some restrictions.

Grant independence to the innovation team

Let's go over by using a simple example. A leader of one or another startup, having the opportunity to independently recruit a team and access to project financing, as well as the authority to engage third-party contractors and specialists, selects the necessary solutions and channels for their advancement, resolving other questions. Maximum independence will help greatly in this matter.

Identify performance indicators

Developing and implementing any innovative product or technology, it is important to work out the future steps and see the overall picture. The creation of new digital products does not always aim to direct growth in sales or services. The effectiveness of introducing innovations depends on how the investors, stakeholders, and the team itself understand the project goal and the expected result.

Identify performance indicators

Experienced top managers are of the opinion that at the first stage of the project implementation, it is the user coverage, not the financial indicators, that is important. A startup may not be unrelated to the product which the company produces, but is intended to form a certain consumer culture, to attract partners, and to serve as a convenient tool for feedback from consumers. With the help of such products, the measurement of consumer preferences, application and testing of new marketing techniques and creation of new sales algorithms occur.