Innovation and Projects

Even though when we know the future is so unpredictable that doesn’t mean that planning isn’t a very valuable element, what companies must always should take into consideration is that not plan is 100% accurate nor for good or bad. This doesn’t mean that companies shouldn’t plan for future, with data analysis now organizations have a very good chance to anticipate with let’s say, more reasonable and accuracy what they can do to innovate. We know that data can contain errors, but what to do about it, how manage that percentage of error, creating estimate of accuracy in the planning process, a high flexibility approach, there is nothing wrong in having a flexible plan as long as we plan for that uncertainty to turn that risk into opportunities. When companies are planning their innovation efforts, it have to think about every aspect of the future to be well prepared, it reduce risk wherever possible and turns those risk into opportunities. Successful organizations use this approaches to try to anticipate the future with a flexible margin for error, then monitor what actually happens and then use those lessons learnt to better anticipate next time, in others word they use data analysis to planning for future innovations to follow patterns over time. These patterns help companies think of what their customers wants or need for future products development and innovations. That is the power of good data and systematic analysis it leads to improved planning and reduce risk, data analysis is fundamental for innovation. There is an aspect that companies should not overlooked, that one is trust, planning is important but we must create a team, in which trust it is not an issue. Trust will help the team to adapt and be flexible to changes when implementing an innovation initiative or developing a new product, change and uncertainty are inevitable in any organization are part of the day-to-day nature of innovation. In a team or organization where trust is in conflict, that fast adaptation are almost impossible, because people don’t want to cooperate with each other. For teams to be effective must have trust, support between them and mutual respect. That is why; when you are planning the creation a team for your innovation strategy, we must bring a group of trusty people and establish a culture of trust and respect from the beginning. At the same time, you should start your projects selection process, top organizations create their own selection approach depend on their portfolio structure selecting the projects, within a balance criterion. They take into consideration: Does this project or product meet customer needs? Does this project or product help us to market leadership? Does it offer competitive advantage? Does is fit within our objectives? What are the sales and profits expected? Is there technological risk? Capital requirements, Manufacturing and marketing capabilities. What competition we will have?. In a team or organization where trust is in conflict, that fast adaptation are almost impossible, because people don’t want to cooperate with each other. For teams to be effective must have trust, support between them and mutual respect. That is why; when you are planning the creation a team for your innovation strategy, we must bring a group of trusty people and establish a culture of trust and respect from the beginning. At the same time, you should start your projects selection process, top organizations create their own selection approach depend on their portfolio structure selecting the projects, within a balance criterion. They take into consideration: Does this project or product meet customer needs? Does this project or product help us to market leadership? Does it offer competitive advantage? Does is fit within our objectives? What are the sales and profits expected? Is there technological risk? Capital requirements, Manufacturing and marketing capabilities. What competition we will have?

21st Century innovation is “A break from previous practice, taking place when different elements, ideas or processes are framed, imagined, or combined in new ways.” Judith Rodin  Presidente of The Rockefeller. Over the past 100 years, the way organizations manage their innovation; it is what has allowed companies to cross-new performance boundaries more than anything else has. It can Product innovations, Market innovations, Process innovations, Organizational innovations. It gives companies a competitive edge to penetrating markets faster and provides a better connection with their customers to developing markets, foster bigger opportunities. The best methods to ignite innovative thinking is first to be aware of how innovation can influence your business. Once you understand that innovation is not just a word but something that will help business surpass their competition, then they can start the process of innovative thinking, When the leadership see Innovation as the way to leads to the introduction of new ideas, devices or methods, it is when they start to take advantage of the innovation projects. Innovation isn’t always invention. But taking advantage of the technologies already in the market and built on those existing technologies. Without impact, innovation is just an idea with promise.  When It has impact it is when it is be able to scale, and has the opportunity to transform the way we think about an specific product.   How To Utilize Innovation to bring the most out it: for an innovative idea to be useful, it has to be replicable without being too expensive and it has to resolve a particular need. For example UBER, Innovation to be affective has to providing something original and produce efficiency.   How the power of innovation happens Well it targets a company’s processes, and products capabilities. The way they innovate reflect their vision and appetite for innovation and for the future of their customers, investors and business partners. What The innovators do, they you scan the horizon, they try to see a tomorrow’s problem and work to bring something better to the market. They move quick enough to bring innovations to market ahead of your competitors. With determination and focus. It’s tough for rivals to replicate advantages based on a web of individual innovations spanning many management processes and practices.    Well the reality of creativity and innovation is not limited to a select group. It is not based on one’s intelligence, and it can be learned and cultivated through our own efforts and the proper environment in the workplace. Accepting that not every idea will work. In addition, more importantly, learning from them. Every day you are generating new and useful ideas It is only a matter of be patience to increase our skills at it.   It just takes time and patience for them to arrive.   Thank you for your time see you in another episode of Innovation and Projects Thank you so much.. Bye

1. End-customers Focus, 2.Alignment with the company’s owners. 3. A Team with creativity. Having a good idea isn’t enough, turn those ideas into reality and results to enhance the company value and revenue of the organization and the society where this organization have impact. #innovation

Why organizations need to innovate and why the main reason for innovation and transformation is about money, because any innovation must be done with the alignment with the equity owners and for enhanced their benefits. How innovation, transformation can assure that it will add value to the organization y bringing money at the same time having the end CUSTOMERS IN MIND.