Companies interested in innovation need to start by examining the likely impact that cultural, economic, demographic, and industry-related issues and trends will have on their business model. By doing this, they can more effectively integrate innovation efforts into the broader business strategy.
Success in this area does not come from brainstorming big ideas in a standalone department whose goals are detached from those of the rest of the company. Success also doesn’t come from implementing measures in a reactive manner to meet specific demands here and now. Innovation efforts need to be directed at the long-term aims of the company and reflect long-term trends in the industry. This requires the support and resources from leadership and stakeholders to make this a priority. Take this assessment to see how prepared you are to not only innovate but make cost reduction and environmental sustainability a priority.