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Innovation

All we need is Innovation!

Innovation can be described as "a new idea, creative thoughts, new imaginations in form of device or method". Innovation is often understood as the application of better and more effective solutions that meet new requirements, unarticulated needs, or existing market needs.

Innovation involves deliberate application of information, imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products or processes. For businesses, innovation can increase the likelihood of your business succeeding.

Applying innovation management standards as the ISO/CD 50501, or NP4457, will guide your company efforts to the journey of innovation a key factor of success for competitiveness.

What is Innovation? 

Innovation can be described as "a new idea, creative thoughts, new imaginations in form of device or method". Innovation is often understood as the application of better and more effective solutions that meet new requirements, unarticulated needs, or existing market needs. 

Innovation involves deliberate application of information, imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products or processes. For businesses, innovation can increase the likelihood of your business succeeding. 

 

Innovation standards  

ISO 56002 - Innovation management system – Guidance, provides guidance for the establishment, implementation, maintenance, and continual improvement of an innovation management system for use in all established organizations. It is applicable to: 

  • organizations seeking sustained success by developing and demonstrating their ability to effectively manage innovation activities to achieve the intended outcomes; 
  • users, customers, and other interested parties, seeking confidence in the innovation capabilities of an organization; 
  • organizations and interested parties seeking to improve communication through a common understanding of what constitutes an innovation management system; 
  • providers of training in, assessment of, or consultancy for, innovation management and innovation management systems; 
  • policy makers, aiming for higher effectiveness of support programs targeting the innovation capabilities and competitiveness of organizations and the development of society. 

Applying innovation management standads, will guide your company efforts to the journey of innovation a key factor of success for competitiveness. 

 

Continuous Improvement as a way of living 

Continuous improvement, also called continual improvement, based on the plan-do-check-act (PDCA) cycle is the ongoing improvement of products, services or processes. Continuous improvement can be implemented by using incremental or breakthrough improvements. These can be applied interchangeably, but the best way to deploy a thorough continuous improvement program is to combine both. By doing this you can deal with quick wins while giving complex and larger projects the time and attention required.  

There are a wide variety of continuous improvement methods and methodologies that can be used to achieve the best results such as Six Sigma, Lean, Innovation, Total Quality Management. All that is required is to select or combine those and their tools and the rest is magic. 

The benefits of continuous improvement as way of living is to make your company constantly better by improving your practices to make your team and business more efficient, accurate, and effective. 

There will always be room to improve your processes and methods! 

 

 Innovation and Data Driven Decision-Making 

Data-driven decision making (DDDM) is an approach to business governance that values decisions that can be backed up with verifiable data rather than making decisions that are intuitive or based on observation alone, supporting competitive advantage. 

The success of the data-driven approach is reliant upon the quality of the data gathered and the effectiveness of its analysis and interpretation.  

Business intelligence tools are a strong resource to analyze the data and allow easy dashboards customization to display the important information in real time. The changes in how data can be mined and visualized allows business executives who have no technology backgrounds to be able to work with analytics tools and make data-driven decisions. 

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