How to Target Your Innovation

By targeting specific areas, companies can increase the effectiveness of innovation initiatives. To achieve this, it is necessary to examine specific aspects of the business: value drivers, core competencies, potential acquisitions, customer processes, brand reputation and strategic capabilities. For instance, L'Oreal's professional products division could benefit from innovation methods of how salons operate and serve their customers. Utilizing a systematic innovation method and re-inventing these areas can create new insights and product development opportunities. This article was first published in Industry Week.