In the modern business landscape, innovation is the engine of prosperity that drives flexible and adaptable organisations to success. At ABGi, we use ISO 56000 standards to structure our Innovation Management System (IMS) to guide organisations towards this resilience.
Like all business functions, the innovation function is a “business within a business”. By its very nature, innovation is cross-functional, and the effectiveness of the innovation function depends largely on the ability to create cross-functional relationships within the company and a culture of openness to the outside world (open innovation).
A company’s ability to innovate is a key factor in differentiating itself from the competition, developing or penetrating its market and increasing its profitability. However, innovation often represents a significant investment and risk for the company, even if it is partly funded by existing incentiv s. By providing the right insights and decision-making tools to help you make the best strategic choices, innovation marketing helps to minimise this risk.
Innovation is a conscious investment, and every company needs to safeguard its risk appetite and maximise the ROI of its innovation function. One of the biggest challenges is to optimise the overall funding rate of your research and development efforts while generating tomorrow’s profits.
Having a structured Innovation function does not guarantee efficiency and performance. The key to creating the right alchemy is your agility in bringing your processes to life operationally, effectively implementing your open innovation strategy, or instilling a culture of innovation across all departments and services in your organisation.
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