Monday, November 24, 2008  

Topic: Dimensions of Innovation

Reference: Sawhney, Mohanbir, Wolcott, Robert C. , Arroniz, Inigo. “The 12 Different Ways for Companies to Innovate”. MITSloan Management Review: Http://solanreview.mit.edu/smr/issue/2006/spring/14/.

The crushing impact of the declining economy has executives looking for an innovation edge wherever they can find it. Typically, most executives focus on product innovation or revenue innovation, where the creation or expansion of product and services can generate additional income for the company. However, given that many executives have a limited view of their business models and of the personnel who service them, it can be difficult to both conceptualize and execute on new revenue innovation opportunities. Fortunately, that is not the only place where innovation can take place. Innovation is possible across multiple points in the value chain. In the referenced article the commentators makes it clear that there are a number of channels to jumpstart innovation. In fact the commentators have listed 12 different kinds of opportunity. They include the following: (1) platform; (2) organization; (3) processes; (4) solutions; (5) supply chain; (6) brand; and (7) networking among others. “Together the 12 dimensions of innovation can be displayed in a new framework called the “innovation radar”, which companies can use to manage the increasingly complex business systems through which they add value.” If you can’t get to all of these, there are at least multiple places to attempt to improve innovation and service delivery in your organization. Networking solutions is an attractive area, as return on invested capital can be readily substantiated in this area. Previous examples of other applications are also readily available. Your innovation radar needs to be broad, monitored, and when an opportunity presents itself acted upon. A good innovation program involves all three components. I have found that tasking someone with this responsibility is the best way of keeping the program moving. Let me know your thoughts on the best way to improve your innovation radar.

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