This is the age of innovation, you have to offer something out-of-the-box to differentiate yourself from the competition. You can promote innovation in your company by empowering various teams to develop creative solutions based on the strategic objectives of the company. If you have a decision committee in place which is hindering innovation, it's high time that you implement an organizational restructure.
Many business organizations – especially the larger ones – have lengthy processes in place, and usually these processes are at fault for the lack of innovation. The best way to overcome this problem is the creation of a separate business unit. This business unit should have adequate decision-making power, technical capabilities and information to push innovation and modernization beyond corporate bureaucracy. Moreover, the new business unit should have its own independent setting, including physical space with its profit and loss accountability.
Having good business ideas is not enough. They should be quickly implemented. If you have a good product in mind, you should be able to conduct market research immediately. Based on the market research, the product should be manufactured and put in the market. Customers' feedback should be taken and analyzed, and then appropriate decisions should be taken. If the product needs modification, it should be done quickly and if the target audience isn't impressed with the products, you either need to implement a strong marketing strategy or pull back the product. In short the bottom line is, the processes – right from the moment the idea was conceived to the customers' feedback – should be executed quickly and seamlessly without any bottlenecks.
In this age of intense competition, traditional accounting is no longer enough. When factors such as innovation, adaptability, flexibility and scalability are of paramount importance, accounting needs to consider them too. In this situation, innovation accounting comes in the play. Unlike traditional accounting, innovation accounting will allow you to measure the success of your business based on your ability to innovate. You just need to define your innovation criteria and measure the actual performance against it.
To stay ahead of the competition, you should create agile team that will help the business create new ideas, design innovative products and speed up the manufacturing process to beat the competition. Agile teams are usually are more adaptable to changes and open to innovation.
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