Five Innovation Practices for Building & Managing an Innovation Program

Innovation management requires more than a one-size-fits-all approach. There is a need to experiment and practice various tactics to develop and manage a successful innovation program. This article explores five tactics that can help achieve this goal. The first tactic is discovering the needs of innovation as the first step because innovation has broader scope in the digital era that can accomplish far more than incremental product improvement. The second tactic is leveraging Information Technology to foster a creative environment, chasing innovation and accelerating performance. The third tactic is developing employees entrepreneurially in order to keep innovation alive in the organization. The fourth tactic is transferring knowledge, which fuels innovation. The fifth and final tactic is to use feed-forward practices to improve innovation effectiveness and achieve fruitful business results.