Page 6 - INNOVATION STRATEGY EXAMPLE

Connecting Innovation to Strategy
This Innovation Strategy aims to create an environment and culture within XXXXX P/L that supports and encourages the execution of improvements and innovations that assist in achieving the strategic imperatives and organisational goals. The DNBCT P/L Innovation strategy is therefore tightly aligned with the core business strategy which is critical to success.
The challenge for XXXXX P/L is to maintain the alignment between the strategic intent of innovation initiatives and the core business strategy.
This will ensure innovation does not become something seen as peripheral or superficial to the core – a trap many organisations fall into. Achieving this will demand strong governance of innovation at XXXXX P/L in a manner that values innovation as the engine of value in the organization and therefore central to delivering the core strategic business objectives.
Innovation Ambition Levels
Ambition levels serve as a useful way to align activities with the goals and objectives that innovation aspires to achieve, but also as a framework to manage innovation investments. Ambition levels serve as a useful way to align activities with the goals and objectives that innovation aspires to achieve, but also as a framework to manage innovation investments. XXXXX P/L will work on three ambition forms of innovation, these include Core, Adjacent and Transformational, whereby innovation will occupy one or more ambition levels in varying degrees of investment
This is a defined ambition allows XXXXX P/L to focus and tailor the strategy to use innovation to its greatest advantage. It will ensure that any innovation frameworks, processes and capability development are executed in alignment with the overarching business direction and strategy.
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