In the business world, particularly in innovation, companies try to find easy means of establishing what to do, when and how. Most companies, especially start-ups, are faced with the problem of not knowing what to do with their innovative ideas.
Well, not anymore. Paul Hobcraft, the proprietor of Agility Innovation has summarized the power of innovation into eight words. These are; Adapt, Investigate, Agility, Speed, Scale, Impact, Experiment and Execute.
Hobcrafts’ company, Agility Innovation is an advisory business that aims at making the practice of innovation better and easier for all companies. Let us look at these eight words that have become the new essentials for businesses. Worth noting is the fact that these words do not need to be utilized at the same time. However, a continual application of the same in everyday activities is vital for their optimal use.
The business world today is at an all time volatility level. Companies need to adapt to changes that are happening even before they can happen. Adaptation to change is a guaranteed way of maintaining industry competitiveness, which is vital for the success of the company.
In order to give the market what it needs, companies need to investigate. Usually, this is done by taking an innovation idea to the market and gauging on the feedback customers give on it, the company is able to decide if the idea is workable or not.
Agility is the ability to adapt to changes quickly. This is an important trait for companies as it gives them the ability also to anticipate major industrial changes. Most technological changes in the world occur unexpectedly and if a company is not agile enough, these changes can lead to its collapse.
Competitive companies know that the faster they respond to changes around them, the better. This is one of the main reasons that saw Steve Jobs make Apple what it is today. Though not an engineer by profession, Jobs’ major strength was his ability to detect what changes to make to devices and quickly implementing them.
Scaling the heights of organizational success is the only sure way of creating sustainable organizations. Companies today have the advantage of having a lot of technology at their disposal to help achieve this. However, the task is still taunting for most companies who lack the right personnel and financial ability to achieve this.
All organizational activities must have the impact they are intended to have. For instance, if the advertisement of a new product does not draw attention from the targeted market, that product is likely to fail. The impact that is drawn from advertising, product designs, and sales is a way of giving a company voice amongst many competing voices.
New innovative ideas need to undergo experimentation to ascertain that they can be invested in. the same applies to speculative products, theories or research. Before capitalizing in any of these, tests must be done to either prove or disprove.
According to Chris Trimble and Vijay Govindarajans’ book ‘The other side of innovation’, companies must show they have the ability to execute ideas. Many challenges arise in the execution phase of innovation. But if a company can overcome these challenges, it is bound for success. A companies’ industrial success is mostly based on the results it gets after executing an innovative idea. Execution therefore demands high skills and dedication of those involved.
These eight words, with a careful consideration for each can help companies, and not just start-ups, attain levels of success they initially dreamt of! Know of any other words?
The world is waiting for you to share.
Credit: Mary -InQiud