Executing Innovation: Difficult or Easy?
“Ideas don’t make you rich. The correct execution of ideas does.”
Everyone agrees that the goal of innovation is positive change, to make someone or something better. Execution seems like behind-the-scenes dirty work. But without the reality of execution, big ideas go nowhere, even in startups.Most people think innovation is all about ideas, when in fact it is more about delivery, people, and process.
According to the Harvard Business Review, 84% of global executives believe innovation is “extremely important”, but only 6% are satisfied with their innovation performance.
Innovation = Creativity + Execution of the right ideas + Delivery of business value
Key to innovation-
Optimization of resource
Innovation strategy must clearly address a specific problem, question, or need within the organization and align in a way that best directs and guides the organization. This will enable to analyze the exact of resource needed to get the work done.
Innovation culture and creativity
Implementing the ideas and creative teams needed to excel at innovation requires executive sponsorship and supportive leadership who are willing to protect and enable their teams as well as drive the creation of an innovative culture.
Innovation is supported by effective collaboration and decision-making throughout an ideas lifecycle as it progresses from elaboration, selection, execution, and delivery of targeted benefits.
Why it gets so hard to execute an innovation?
Turning an idea into an innovation is a hard, arduous journey whether you are an intrapreneur – an employee trying to act like an entrepreneur- a philanthropreneur, or some other kind of entrepreneur . There can be few reasons behind this question-
1. People skills and emotional intelligence.
2. A culture of innovation.
3. Incentives to fail and persist.
4. Acceptance of anything not invented here.
5.Ways to track relevant key performance indicators
6. Communication skills.
7.Project management skills.
Identifying the above barriers can help in executing the innovating ideas.
Taking a risk for implementing any idea or plan plays a major role in execution.
People are not willing to take this risk and that is why no one is able to inherit or implement a new plan. Instead, they usually arise from thinking differently than we normally think and from learning. Innovation requires the willingness to fail and learn. To innovate, you must simultaneously tolerate mistakes and insist on operational excellence. Many businesses struggle with implementing that dual mentality.