Monday, January 20, 2014

Innovation Agility: How to Accelerating Idea Validation

Innovation agility is a critical capability to strive your business. 

 Innovation agility is a critical business capability to manage innovation life cycle with speed, Idea validation is a crucial step in managing innovation with effectiveness and agility. The idea evaluation is a critical part of successful new product/business development. The basic goal of Idea Evaluation should be to quickly and thoughtfully weed out potential projects that are not a good fit for your particular business, so you can focus on the good ideas and commercialize its potential business values.  It is also an important aspect of innovation agility. 

  • Collective intelligence: So to accelerate an innovation process, you need to create an environment that brings together the people, from inside and outside the walls of the company in a collaborative way; the various "innovation actives" they perform, and the information that they need. By using the collective intelligence of your audiences (employees, customers, partners etc.) in the three front end disciplines; ideation, knowledge sharing and prioritization, you will be able to work much more efficient in bringing ideas to implementation 
  • Front-end process: A paradox is that you have to get the new products to the market as fast as possible; as a result, you may run the risk of compromising the comprehensiveness of the work you do and sacrifice the quality to get a product out of the door quickly, in order to meet a market need. or in the other case,  you can make the most visionary products that have no market yet; therefore, it is important to use a front-end innovation process between strategy and concept development, experiment, prioritizing and measuring what to invest in “value” the early ideas and unmet needs. 
  • Information management: Information may be one of the most time intensive pieces to this puzzle. Information is growing exponentially and it is humanly impossible to explore all of the "art" out there around a subject or technology. Big data analytics may provide certain customer insight or product foresight for drawing the beams of innovation light. Following are some critical pieces of information needed for accelerating idea validation:  
1) Facts about business ideas: definition, benefits and shortcomings, applications, and competing technologies.
2) Root causes of business problems need to be solved.
3) Components or operations of ideas, what can interact with ideas, and what parameters the innovative ideas might have?
4) Who else is using such new ideas? Who are the industry players? You also learn what the trend of such new idea is. Identify important technology trends, including potential next-generation innovation waves, as well as the key players who are involved in their development.

Hence, innovation agility may directly make an impact on business's survival nowadays. It's about to have a clear purpose, stay ahead of the competition in the delivery process. It's about to be able to get all the way around the task, to capture all relevant information, to see it from all interests; and to use collective wisdom. It's about creating a structure that delivers what your need! 


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