When we look to define
innovation we tend to focus
on how it helps to create
value from ideas. There should be no
limits as to where innovation comes
from, whether inside a business or
from competitors or, for that matter,
what is happening in the broader
market as a whole.
Businesses need to have the ability
to pick up on ideas and trends and
turn them into something that has
potential commercial value.
It can be a very long and risky
process that requires not only an idea
but investors, suppliers, customers
and end users.
So what does it take to be
innovative?
For a start, most successful
businesses need a roadmap and a
strategy that lays out where and how
innovation is going to help them get to
where they need to be.
Critically, businesses also need
to create an atmosphere in which
creativity is possible, encouraged
and welcomed. That requires making
people feel comfortable in developing
and sharing ideas. Collaboration is
critical in that networking with people
inside and outside of the organisation
helps to create, what many refer to as
an environment of ‘Open Innovation’.
Innovation is often associated with
start-ups and small businesses, there
are plenty of incubators and business
accelerators available to help, but
what does a larger company have to
do to be considered innovative? Too
often big organisations play it safe, so
their focus tends to be on doing what
they do, but only better, and product
or service innovation becomes more
incremental as the organisation tries
to manage risk and maintain stability.
The list of big companies
considered to be innovative contains
the likes of Apple and Samsung, but
also banks and supermarkets that
are using technology to improve their
performance and to deliver enhanced
products and services to their
customers. Many have set up their
DELIVERING
INNOVATION
Understanding how to find and invest in innovation is
critical for business success. By Neil Tyler
own accelerators or incubators to drive
innovation.
In order to succeed, large
companies have to look beyond the
safe and secure and embark on long
shots that could bring them much
greater advantages. There needs to
be a balance between taking risks
and playing safe and that’s a tough
balancing act.
How do businesses go about
managing innovation? What processes
do they have in place and how
supportive are they when it comes
to turning ideas into successful
innovations that create value?
Analog Devices
Analog Devices (ADI) has nurtured
a culture of innovation and risktaking
that has enabled it to sustain
leadership over many years in its core
signal conditioning and conversion
markets.
It has a history of developing
ideas and moving into new areas
from digital signal processing to
developing the first commercial MEMS
accelerometers.
The company’s Chief Technology
Officer, Daniel Leibholz has been
appointed to develop and lead the
company’s long-term technology
strategy for applications across its
end markets. It involves working
closely with ADI’s business units
and manufacturing operations and
he is responsible for identifying,
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