Companies pursuing transformative innovation are able to generate up to twice the product sales of their peers, but CEB research found that three out of four executives think their firms lack breakthrough ideas. CEB’s second quarter installment of Executive Guidance, Transformative Innovation, explores how business leaders can accelerate innovation globally.
CEB’s work has found that weakened ideation networks, stretched management, and ineffective global working relationships are causing many companies to be hard-pressed to restock their innovation pipeline with breakthrough ideas.
Here are four steps to reignite transformative innovation at your company (along with some Research-specific resources to help you get going):
1. Repair and Reconnect Dispersed Internal Networks to Drive Idea Exchange: MREB members, we have a lot of information on obtaining diverse and unique perspectives, including an example of a formalized internal intelligence network at GM
2. Manage Social Media and Crowdsourcing to Generate Ideas: here is some insight on making open innovation work for you
3. Enable Staff to Self-Assess Ideas to Improve Idea Quality: assessing idea quality can be hard, especially when ideas are at different stages of definition. MREB members, see Johnson Controls’ objective criteria to prioritize and assess all NPD opportunities regardless of how well-defined they are.
To learn how you can reinvigorate innovation in your organization, read CEB’s Executive Guidance.