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Most companies have an innovation community of master and everyday innovators. Normally, 10% to 20% of innovation workers are master innovators, who focus on driving disruptive innovation and strategic innovation initiatives that range from designing new products to identifying new markets.
Between 70% to 80% of employees are everyday innovators, who work on smaller innovation tasks that range from solving problems for customers and resolving field situations to researching competitor landscapes and ways to reuse existing technology. They could be members of new business development, strategic planning, and competitive analysis teams.
Collectively, both master and everyday innovators are responsible for maintaining a company’s innovation edge. This community must have access to critical knowledge to do their jobs effectively and efficiently. Consider the following tips on setting up a framework to make sure they do.
1. Precise intelligence is the heart of innovation. Every company should design a framework for delivering precise and critical information from a variety of sources that lead to increased productivity. Knowledge can come from internal legacy product designs, best practices, and customer usage, as well as from external sources such as competitive intelligence, technology trends, and scientific theories. Precise innovation intelligence can validate concepts upfront and help innovators deliver the right products the first time, as well as solve everyday problems faster.
2. Drive revenue with an innovation-intelligence framework. By creating an effective information-sharing framework, a company can increase productivity by 30%. They can also cut development costs significantly, drive and sustain a continuous innovation process, repeatedly design cutting-edge products, and increase growth, revenue, and market share.
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To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.