Innovation Strategy – What is it and how to develop one?

Innovation Strategy – What is it and how to develop one?

Innovation is just one of the means to achieve your strategic goals. Without a good innovation strategy, it’s quite difficult to achieve long-term success and secure competitive advantage. This article introduces a five-step process for developing an innovation strategy and a few tools that can be used to map your strategic goals. The steps include (1) determining objectives and strategic approach, (2) knowing your market, (3) defining your value proposition, (4) assessing and developing your core capabilities, and (5) establishing your innovation techniques and systems. The article also emphasizes the importance of aligning innovation strategy with your overall business goals, communicating and integrating your strategy with ways of working, and measuring systematically and adapting for future success.

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More Innovation Resources:

6 Ways to Boost Remote Collaboration

6 Ways to Boost Remote Collaboration

Learn six tips for remote collaboration from this article, including communicating clearly and often, setting communication boundaries and norms, encouraging equal participation across collaboration channels, making time for team-building, celebrating successes, and bridging the distance.

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An image of a tree with fruit-shaped icons symbolizing growth and innovation.

What does Innovation mean in the Business World?

Innovation is vital for businesses to grow and generate loyal customers. It involves creating new products, ideas, and processes, and modifying existing ones. MIT ID Innovation offers courses to help businesses improve their innovation strategies and increase revenue.

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Delivering Rapid Innovation and Efficient Collaboration with Xtrac

Delivering Rapid Innovation and Efficient Collaboration with Xtrac

Xtrac faced communication and information management issues due to outdated systems. Partnering with Planview AdaptiveWork improved efficiency and collaboration, and provided a single source of truth for all client information.

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