In business, planning and innovation are different processes and are pursued for different reasons, but they are related. Here’s how.
Planning is a method used to protect something that was put into action. The question is, “Are you”:
- Resolving a problem
- Implementing a course of action as a result of a decision
- Implementing something that is intended to be innovative?
That leads me to Innovation.
Innovation is a process that can be planned. To do this,
- Start with the new effect you want to create (not an effect you are trying to prevent)
- Look at the probable causes of these effects
- Promote these causes
Look at these effects, and if they are the desired effects, determine how to exploit them and broaden their impact
Lastly, In all of these processes, continue to look at the risk/reward ratio and intend to remain in the range the organization considers tolerable. Once these processes have been proven successful, the ratio can be pushed further into the risk category because of the confidence in the likely outcome has risen.
Where in your business are you implementing planning and innovation processes? Are you pushing the risk/reward envelope far enough to stretch your firm into new areas of growth?
Copyright 2015 Doug Ringer
Doug’s Blog is a weekly memo, which is always powerful and to the point. It focuses on innovative ideas to help organizations define, develop, and launch amazing products, and take them to the right customers quickly.
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Originally posted 2015-10-06 05:57:02. Republished by Blog Post Promoter