Determine which ideas to pursue and which to forego. Deploy plans with efficiency - quickly delivering customer value. Innovation is mastered when a firm can conduct these activities at breakneck speed, but without sacrificing precision or risking failure. Let's take a brief look at each of these steps and why they are critical aspects of managing innovation. That Hold Great Promise Companies are constantly bombarded with new technologies, each holding the promise of countless applications.
Opportunities abound in most industries today.
But new technologies often flail around for years, looking for a home, until the best market applications are discovered. A true master of innovation will flush out these opportunities quickly - in weeks, rather than months or years. Being the first to discover a market for a new or disruptive technology will dramatically increase a firm's chance of being first to market with a product that addresses the customer's needs. A firm that is leading change and innovation must quickly discover markets that hold great promise. The ability to match technology to market applications is a prerequisite for success.