Usually the focus is only on financial measurements. This is inadequate. Measurements that demonstrate how innovative the organization is should be instituted, e.g. the number of pilots underway, the time it takes to get a product to market, customer satisfaction and retention, employee morale and turnover, etc. Techniques Equipping staff with the right innovation techniques is important. It enables the separation of fact from speculation, idea generation from idea evaluation, and benefits from criticism.
Many companies use it successfully.
Conclusion Innovation needs to move beyond just innovating products. A holistic, systems-wide approach is needed. These five ingredients provide guidelines for implementing innovation and provide insight into ways to achieve sustainable growth and profitability. Author Nic Tsangarakis is a senior consultant with MICA Management Resources, which specializes in the design and implementation of organization-wide leadership systems to achieve measurable performance improvement. He has worked extensively in the high-tech sector in British Columbia, Canada.