What type of innovation does your organisation need for 2021?
Posted 9 months ago
Many organisations we have spoken to recently are including innovation high on their list of strategic priorities for 2021. The pace of change has never been faster, and our clients are acutely aware of the need to constantly reinvent their products, services, and operations to stay ahead of the competition.
However, innovation takes many forms. When planning for innovation in a strategic context, it is essential to first determine what type of innovation would generate the greatest benefit for your organisation.
The Doblin Framework of Innovation can help with this process. Doblin’s framework, first developed in 1998, presents ten different categories of innovation. The ten categories are split into three areas, including configuration (business model innovations), offering (product innovations) and experience (marketing innovations).
When most people think of innovation, they think solely of new products. But products and technology can be the easiest element for your competitors to copy. Broadening your perspective to include other types of innovation can help you identify opportunities that will make your innovation investment much more worthwhile.
Determining which area of innovation your company should focus on first will take some work. Where are your current gaps? What are your competitors doing? Where can you add exceptional value to your clients? What is the desired outcome – is it greater market share, more efficient operations, or new revenue streams?
Once you have narrowed your focus, you may also need to consider the degree of innovation your organisation is comfortable with. Radical innovation involves significant change, and the impact can be huge – but there is higher risk. Incremental innovation involves the optimisation and further development of existing products, services, or processes. There is less risk, but the impact is also usually less dramatic. Figure out where your organisation sits on this spectrum.
Clearly defining the type and degree of innovation your organisation plans to implement will help transform innovation from a corporate buzz word to a practical strategy with real, measurable outcomes. It is well worth the extra time and effort.
Read more about the Doblin Framework here: https://doblin.com/ten-types
Impact Innovation works with private and public companies to build and support innovation strategy and processes. Contact us at email@example.com to find out more.