INNOVATION IN BUSINESS STRATEGY

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Innovation has become one of those words that mean very different things to different people. Authorities on the subject have further broken it down to two main categories: Breakthrough Innovation and Sustainable Innovation. This implies that innovation may include both ground-breaking breakthroughs or/ and increasing improvements in existing products or services.

In essence, an organization can align, articulate and communicate how innovation fits into its total strategy through the use of an integrated strategic planning performance management system featuring a strategy map and balanced scorecard to monitor and manage its progress. This ensures innovation efforts are given the right focus and support and that innovation actually becomes integrated with the rest of the organization’s activities.

Sustaining is a more manageable process and many big brands are excelling at it by imbibing an innovative culture in which good ideas are generated, and the best ones are turned into new products and services that customers value.

It is imperative for future profitability and accountability, that business leaders think of ways of sustaining innovation, which becomes strategic when it is fully integrated into the fabric of organizational planning and management process. In essence, part of a business’ long term growth strategy.

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