Innovation Management – State of Lean Innovation 6/7

All successful companies are successful because they have a good system in the production of products or services, in sales, in human resources, in financing and in the rest. Systems bring more value. What about a lean innovation system?
We are sharing a series of 8 short blog posts. The individual components form a whole concept of a lean innovation system.

6/7

Innovation management means enabling the process of innovation, motivating the team to innovate and portfolio management – what do we focus on.  

Innovation requires disciplined management and is actually similar to a sales process. Marketing and sales work on a bigger number of potential clients, out of which only some of them actually become our clients. It is very similar in innovation and development – both departments need a lot of innovation opportunities – out of which only a few will experience successful realization on the market.

We manage decisions on each investment by observing the status, direction, and speed of each innovation. Every EUR that we invest must express a specific innovation purpose. We manage start-ups with a step-by-step investment in experiments: we confirm the problem/need/wish and key metrics.

It is also important to set up a system of efficient evaluation for a bigger number of ideas/concepts directly on the market with key stakeholders (not just on paper or in our head).

Lean innovation requires serious and systematic management of its process and knowledge, just like all other important processes in an organization. Last but not least – the ideas and innovation process requires a lot of communication.

“The most effective way to manage change is to create it.”  ― Peter Drucker

Start your new year as Chief Innovation Officer – Apply for Certification Program here or join us at Lean Innovation Week!