Katarzyna Renata Pichler’s Post

Adding an Open Innovation program tailored to your Innovation and business strategy will help to build a faster, more efficient and this de-risked new innovation development program funnel.

Aligning R&D with business goals in a fast-paced tech landscape requires a strategic approach that balances incremental innovation with the potential for breakthroughs and pivots. Here’s how you might approach it effectively: 1. Strategic Alignment and Vision • Define Clear Objectives: Start with a shared vision that outlines how R&D will support the organization’s business goals. This includes aligning on long-term strategic objectives, such as market expansion, cost efficiency, or customer experience enhancement. • Set Innovation Horizons: Divide your innovation strategy into three horizons: • Horizon 1: Focus on incremental improvements to existing products and technologies, ensuring they align with current business needs and are market-ready quickly. • Horizon 2: Explore adjacent opportunities that build on core capabilities and lead to new offerings, such as new product lines or services. • Horizon 3: Invest in breakthrough or disruptive R&D projects that align with your long-term vision but may not yield immediate returns. 2. Prioritize Consumer-Centric Innovation • Leverage Consumer Insights: Use data and analytics to gain deep insights into consumer trends and behaviors. • Adopt Agile Development 3. Explore New Tech Spaces for Growth • Technology Scouting: Regularly assess emerging technologies and identify those with potential to impact your industry or consumer experience. Engage in open innovation initiatives or partnerships to leverage external expertise and resources. • Proof of Concept and Prototyping: Rapidly develop prototypes for new technologies to test viability. These small-scale projects enable you to explore potential without significant upfront investment. • Pilot Programs: Use pilot programs to experiment with new technologies in a controlled environment, allowing you to measure impact and gather data before a larger-scale rollout. 4. Cross-Functional Collaboration and Knowledge Sharing • Create Cross-Functional Teams: Break down silos between R&D and other departments to ensure that projects are informed by diverse perspectives and aligned with business realities. • Implement Knowledge-Sharing Platforms: Use digital platforms to facilitate knowledge sharing and collaboration across the organization, enabling R&D teams to understand business needs and adapt projects accordingly. 5. Performance Metrics and KPIs • Define Relevant KPIs: Set clear KPIs for R&D projects that align with business goals, such as time-to-market, projected revenue impact, and alignment with strategic priorities. 6. Foster a Culture of Innovation and Adaptability • Foster Experimentation and Learning: Cultivate a culture that embraces experimentation and learning from both successes and failures. This can be achieved through dedicated innovation days, hackathons programs. • Invest in Continuous Learning: Support R&D teams in keeping up with industry advancements through training, conferences, and access to resources.

Innovation isn’t just about launching a flashy new product or service—it’s about creating a culture where experimentation, learning, and growth are part of the DNA. It’s not just about what you produce; it’s about how you think, how you collaborate, and how quickly you can learn and adapt. Here are 12 essential metrics that go beyond traditional KPIs. 1. Customer Satisfaction with New Products or Services Measures how well the innovation is meeting customer needs, ensuring that innovations are customer-centric and aligned with user expectations. 2. Time to Market for New Products/Services Tracks how quickly ideas move from concept to launch, reflecting the organization’s agility in executing innovative projects. 3. Rate of Learning from Experiments or Prototypes Evaluates how much is learned from innovation processes, regardless of success, focusing on the value gained through iteration and experimentation. 4. Adoption Rate of New Solutions Measures how quickly and widely new products, services, or processes are adopted by the target market or internal teams, indicating the practical value of innovations. 5. Employee Engagement in Innovation Activities Assesses the level of participation and enthusiasm among employees in ideation, design sprints, and other innovation initiatives, reflecting a culture of innovation. 6. Percentage of Revenue from New Products/Services Measures the financial impact of innovation by tracking how much of the company’s revenue comes from recently introduced offerings. 7. Customer Retention and Loyalty After Innovation Implementation Indicates how innovation efforts affect customer retention, showing if new offerings or changes are strengthening customer relationships. 8. Internal Process Improvements or Efficiencies Measures the impact of innovation on internal processes, such as reduced costs, time savings, or increased productivity as a result of new practices or technologies. 9. Rate of Learning from Experiments Tracks the number of experiments that didn’t work as intended, highlighting the organization’s willingness to take risks and learn from failure. 10. Cross-Functional Collaboration on Innovation Projects Measures the extent to which teams from different departments collaborate on innovation initiatives, reflecting the organization's ability to break down silos and leverage diverse expertise. 11. Number of Partnerships or Collaborations for Innovation Tracks partnerships with external entities, such as startups, research institutions, or other organizations, to fuel innovation efforts. 12. Employee Skill Growth in Innovation-Related Competencies Tracks how employees are developing innovation-related skills, such as creative problem-solving or design thinking, reflecting long-term capability building within the organization. #Centered #Innovation #Metrics

Turning an idea into an innovative digital solution needs a sharp selection process, zeroing in on end-user adoption and value creation. Let Stephan Koning stress how crucial this is. When we don't get ideation right, it leads to wasted costs and resources, making your employees less enthusiastic and motivated about innovation. So, where do we start? https://hubs.la/Q02vvTj60

How do you go about your strategic innovation planning? Do you start with a plan or do you just jump in? With some forethought, good planning for your strategic innovation roadmap will dramatically increase outcomes. This article covers some good practices to take on board immediately. Value: improve your preparation, running and outcomes of your strategic roadmapping project. I’d love to hear from you in the comments about what works for you, and what obstacles you face. Comment away! Read the full article here https://lnkd.in/e9Yb_s83 #innovation #strategy #achieveinnovationsuccess

Check out our recent blog post outlining steps any organization can take to create a stronger culture for winning innovation. Enjoy the read! 🚀 [Link to the blog post:](https://lnkd.in/eRv9AktK)

Friday, July 5, 2024. 18:26 From: Dr. Richard Francis Viktor Hogan Re: Managing Innovation With ⬇️Budgets 🟰Innovating within a constrained budget isn’t about indiscriminate cost-cutting; it’s about strategic resource allocation. 💯 Remember, innovation doesn’t always require big budgets; it thrives on strategic thinking and creativity! ✔️ Here are seven practical ways to sustain innovation while managing limited funds: (1) Set Realistic Targets and Align with Strategic Objectives: • Evaluate existing projects rigorously. • Discontinue those that no longer generate significant impact or revenue. • Free up resources for more promising innovations. (2) Foster a Culture of Innovation: • Encourage creative thinking among staff. • Create an environment where new ideas are welcomed and explored. (3) Leverage Cross-Functional Collaboration: • Involve diverse teams from different departments. • Cross-pollinate ideas and perspectives for innovative solutions. (4) Embrace Agile Methodologies: • Agile allows flexibility and iterative development. • Prioritize features based on value and adapt as needed. (5) Prioritize Problem-Solving: • Focus on addressing critical challenges. • Allocate resources to solutions that have the most significant impact. (6) Encourage Employee-Led Innovation: • Tap into your team’s creativity. • Empower staff to propose and implement innovative initiatives. (7) Access External Resources and Expertise: • Embrace open innovation. • Collaborate with external partners, volunteers, or other organizations. -30-

Bridging Innovation Gaps: The Benefits of Digital Transformation in Coupled Open Innovation Ecosystems In today’s fast-paced and interconnected world, innovation is no longer confined to the boundaries of a single organisation. Coupled open innovation—where multiple entities collaborate to develop new ideas, products, and services—has become a critical strategy for staying competitive. However, bridging the gaps between these diverse partners can be challenging. This is where digital transformation (Dx) plays a pivotal role, enabling organisations to overcome obstacles and enhance the effectiveness of their coupled open innovation efforts. One key benefit of Dx is leveraging data analytics for informed decision-making. In coupled open innovation, organisations often deal with vast amounts of data from various sources. Dx facilitates collecting, analysing, and interpreting this data, providing AI-driven insights that help identify trends, opportunities, and potential gaps in the innovation process. With accurate data, organisations can make more informed decisions, driving innovation forward with greater precision and effectiveness. The innovation landscape constantly evolves, and Dx equips organisations with the flexibility and adaptability to keep up. By digitising processes and embracing agile methodologies, companies can quickly pivot their strategies in response to new market trends, technological advancements, or contributions from partners. This adaptability is crucial in coupled open innovation ecosystems, where the ability to respond to change can make the difference between success and failure. Dx is also crucial in facilitating knowledge sharing and learning across organisations. Digital platforms enable the exchange of expertise, best practices, and innovative ideas, essential for the success of coupled open innovation. These platforms break down silos, allowing knowledge to flow freely between partners and ensuring that all participants can contribute to and benefit from the collective intelligence of the ecosystem. Finally, Dx improves resource efficiency in coupled open innovation projects. Organisations can optimise resource allocation by automating routine tasks and digitising processes, focusing on high-value activities that drive innovation. Automation and digitisation not only increase the overall efficiency of the innovation process but also allow organisations to achieve better outcomes with fewer resources. In conclusion, digital transformation is a powerful enabler of coupled open innovation, bridging the gaps between diverse partners and enhancing the overall effectiveness of the innovation ecosystem. By fostering collaboration, driving data-driven decision-making, promoting flexibility, facilitating knowledge sharing, and improving resource efficiency, digital transformation ensures that coupled open innovation efforts are successful and sustainable in the long run.

👉❓Did you know that the most innovative companies don’t always generate all their ideas internally? Open Innovation (OI) is the strategy revolutionising how organisations create and develop solutions 🔝 In this post, we’ll show you how to apply it to find more profitable ways to innovate, foster creativity, and boost your business. Keep reading! 👀 #OpenInnovation #OI #HelpingIdeasGrow #FIGroup #Innovation