Page 11 - INNOVATION STRATEGY EXAMPLE

The Drivers of Innovation
There are numerous areas that can be addresses for fuelling innovation at XXXXX. We have identified three key areas for improvement that we feel are of priority and will realise most impact. These key drivers will set XXXXX P/L on a path for success.
The top 3 areas for improvement resulting from the baselining assessment were:
1. IncreasingOrganisationalVelocity: Achieving exceptional levels of performance and speed of response to change . We found that taking informed risks is not encouraged and funding not readily available for testing ideas. The process for vetting ideas is clunky and complex internal approval processes are a key inhibitor to innovation. XXXXX requires an agile and flexible organisation that takes action on new ideas is required
2. Culture:Creatinganorganisational environment where ideas and perspectives can grow. A risk averse management and culture tends to dampen the ability to explore and experiment. The feeling is that XXXXX is risk averse, innovation is not fostered and opportunities are missed. A sense that XXXXX requires support and commitment from management to encourage innovation.
3. DevelopaclearInnovationstrategy: Articulating a clear innovation strategy is recognised as an important initiative, however XXXXX is rated low on this dimension and is a key barrier to driving effective innovation. This report will set out a vision and roadmap to address this priority.
These recommendations formulate the central ideas for the strategic priorities and will address through various initiatives in the accompanying roadmap.
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