Innovation Excellence: going from everything to the right thing
Changing markets, changing needs, new technologies, new dreams… The world is moving and as a company we should move with it. On the one hand, we need to evolve in the way we work, transform our business. On the other hand, we should look at the way we serve our customers and innovate our portfolio. Are we still providing the right customers with the right solutions? If continuity is one of your goals, then working on both is a necessity.
At ViCre we believe a product without a market has no value. That means in order to be excellent in innovation we need to think in product-market combinations. To create balance between them we need to embed product-market thinking into our framework. That framework consists of (different) people with market and product capabilities, a process to go from many possibilities to the one thing we are going to launch to the market, data to steer our business and tools to understand our world, strong leadership to give guidance, and having innovation connected to the internal and external world.
The innovation system takes innovation to the next level, going from doing research & development to creating value for your customers and your company. Translating the vision into product-market combinations that will guide your organization to sell, deliver and care for the right markets and solutions.
The vision of a company starts with identifying what you want to do for who and why. Thus, while our company evolves, we constantly need to translate that vision into new product-market combinations. Identification is key in Innovation, because here we define the ‘what’: to which markets are we going to sell which products and what is the value our customers will feel of it. Once the ‘what’ (vision) is defined, we can go to the ‘how’ (strategy) and then just do it (mission).
The added value of a proper identification is priceless since it will prevent people throughout the company spending time on the wrong things. The responsibility of people working in identification is not more, nor less than making the right choices within the larger vision of the company.
We cannot deny that identification is not mathematics, nor science. It starts from the market, and the speed in which the market moves and changes has never been as high as today. When working in the identification process, you’ll have to be able to cope with uncertainty. Following a process in an intelligent way, keeping an eye on your moving target, will help you with this.
Basic ingredients for Innovation
Understanding the market
In Identification the market is leading and not the product. This means that first you have to look at the market and the needs of it, before you start to think about possible solutions. You’ll have to read the market in a smart way, being open to receive input from within the company and from the world without biases, or prejudice.
The biggest value of innovation resides in your capability to go from a lot of ideas to the single one that you are going to develop properly. You should start with infinite ideas but end with only one. One that, because of the fact that the market needs and the product possibilities were taken into account, should be the right one.
Connecting to the business
The one thing you identified and developed has to be launched to the market and internally. The internal launch makes sure sales will sell what has been developed and can be delivered and cared for. We need to give our colleagues the right tools to be successful in selling, delivering and caring for our new product-market combinations.
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