Page 12 - INNOVATION STRATEGY EXAMPLE

Taking Ideas to Execution
The Current Landscape for Idea Registration
XXXXX P/L has a semi formulated idea to execution process for innovation. Our interviews indicated that the current Ideas Register had a positive effect on the scores for innovation focus, however, it received mixed feedback. It was also identified that there aren’t documented innovation strategies for the business units (BU’s), and limited time is set aside for innovation.
Executing on new ideas is an established part of the operational parts of the XXXXX P/L. The difference between the traditional approach to executing on ideas and the innovation approach is the rigorous filtering and testing of ideas to establish their value to the organization prior to rolling out at scale.
XXXXX P/L Ideas Register requires streamlining, the company is not short on idea generation, but rather the process needs to be re-designed and optimized and less complicated. A revised process can become the backbone of the XXXXX P/L approach to innovation and can be embedded within the organization as part of the current systems and processes.
Figure B Appendix, summarises some of the current barriers and challenges to execute a more streamlined process. A clearer, more formalized process that strips back layers of approval, a set process for idea generation and filtering criteria, funded adequately with defined roles and responsibilities. The priority is targeted at making innovation easy, repeatable and measurable.
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