Jul 2018

7 Basic Principles Of Innovation

Bukola Shobowale And Promise Osigwe
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In today’s business playing field, the race to consistently disrupt trends and alter the norm has massively intensified, thereby putting the onus on brands and businesses to adopt certain measures in a bid to succeed in this highly competitive market. One major driver for any successful business or brand is innovation. It is the life wire of every business especially for any business that wants to escape being obsolete. So, for your brand or business to continually stay relevant, you must be committed to building an innovation culture, which entails the ability to deliberately apply information, imagination, initiative and processes to consistently generate new ideas and/or products/services.

We have in this article; shared 7 basic principles of innovation that we at Insight Redefini have adopted and used in the transformation journey of our business.

1. Clarity of vision:

it is very easy for a business to get swamped in a plethora of activities; trying to follow through prospects and create new leads. For a business to take off to the right start you should craft a clear vision to guide its processes and stay true to this vision. The vision crafted must be supported with business models and operations structured to support the vision.

2. People composition:

an extremely daunting task faced by businesses is hiring the right people to move the business from one point to the other and to consistently motivate them to do great work. Ever seen a seesaw? Having the wrong person on the other end of the balance is surely not going to get you the desired result. This means, having the right quality of people presiding over your business is a make or break factor. Your team must comprise of people with an innovative mindset (open, creative, and informed), who are entrepreneurial in spirit, and are as passionate about your businesses vision as you are. Businesses need to review strategies frequently and consistently motivate their people through rewards, be it monetary or otherwise agreed.

3. Data:

many activities undertaken by businesses are capital intensive and having up-to-date information concerning your sector is priceless. This informs decision making processes and encourages innovative activities. Furthermore, the best innovations are fueled by comprehensive data on the consumer of the idea. To be spot on innovative, you must be aware of trends and must display a deep understanding of hindsight (the past), insight (the present), and foresight (possible future). Businesses that effectively collect and synthesize behavioral analytics stand greater chances of success.

4. Design for the user:

businesses have begun to restructure their business models to resonate around the user/consumer, and we of course are not left out. In addition to data as a fuel for innovation, the user/consumer is also a major driver. If your idea, products or services fail to meet an existing human need then it has failed to be relevant. The best business innovations are consumer focused. For example, Uber’s business model is designed to give the user a quick, convenient and cost effective experience. What about Airbnb, Netflix, etc? All these Businesses have successfully unlocked the secrets of designing for the user. This truth fuels our work as seen in our own business model and structure.

5. Employ the right processes and be agile:

business evolution is a function of time. To be regarded as an innovative entity poised to consistently succeed, your brand/business must be ready to constantly evolve in tune with the times and demands of people, technological and environmental changes. To achieve this, you must keep innovations coming as often as possible and cut out unnecessary bureaucracy in processes that seeks to hinder adaptability. Take that first step now to gather your team together and review your administrative processes. Look for the white elephants and literally erase them.

6. Create the right culture:

the best businesses today employ several tactics to imprint innovation in the core of their activities by stimulating, encouraging, supporting and rewarding innovative mannerisms and thinking amongst its people. Some companies have even included innovation in its semiannual divisional scorecard; compelling team members to cultivate an innovative disposition. Ensuring that you are deliberately fueling a culture of innovation rather than just talking about it is extremely important to spur creativity.

7. Inertia:

is a term, which implies reluctance. It can only be over emphasized to list out the undercurrent leading to reluctance to change and innovate because from experience, we see many businesses reluctant to take one huge dive into uncharted waters and as a result they fail to be innovative no matter how many times they include it into their yearly business goals. Innovation is undoubtedly a risky venture and activities. You must be bold and daring and you must never be afraid of failure. In fact, plan to fail and you will succeed without reason.

To close on this thought we leave you with one last message.

An innovation does not necessarily have to be some earth shattering invention. It could seemingly be as minute as the spoon, so long as it is scalable and meets a need or solves a problem, then you are well underway.

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