6 Keys to an Innovative Organization

There are three ways to lose money: gambling, divorce and innovation!

-            An anonymous CEO

 

In a recent survey conducted by IBM, CEO’s ranked creativity as the most crucial factor for business success.  However, as illustrated in the above quote that appeared in a Fast Company article by Dean Crutchfield, not all CEO’s are in agreement.

Creativity is often wasted in organizations that lack a business model that supports innovation and business transformation.  So how do you guide the organization to the right model?  According to Crutchfield, there are six keys:

  1. Know Thyself – Understand your business and whether it is one of the 3 business types that Booz & Co says are poised for innovation.
  2. What Was, Was – Look at the business as if from the outside.
  3. Aim Past the Target – Use Phillip Kotler’s 6 Ps to examine critical areas of your business.
  4. Lead, Follow or Get Out of the Way – Business innovation is not about isolation and competition.  Rather it’s about cooperation and collaboration
  5. Big Results Require Big Ambitions – Jim Collins would call this a BHAG – Big, Hairy, Audacious Goal.
  6. Don’t Say, Do – Get something implemented “bugs and all”.  Some would call this the 50% Solution.  My father might call it half-assed.  The point is that it is easier to steer something that is in motion than to overcome inertia.

Read this thought-provoking Fast Company article and consider where your organization has been successful and where you need to guide it for the future.

 

 

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