Why Is Your Innovation Not Generating Value?

    
Lack Of Innovation Strategy

What could be affecting your ability to successfully innovate could be the fact that you are not making the correct decisions with your innovations. This comes down to a lack of strategy. Your management team and business leaders might be prioritising the wrong ideas or sticking to something they have already done in the past instead of trying something new. Management can sometimes dominate the decision-making process based on past successes and instinct instead of relying on facts.

No Long-Term Thinking

Too much of a focus on short-term goals and objectives can be detrimental to the success of your innovation. To reach these goals businesses tend to spend the majority of the budget instead of leaving room for future strategy, R&D, and innovation. Instead of focusing on the future, companies prioritise the day-to-day business. There is no desire to innovate and thus businesses are unable to generate value in the long term.

Lack Of Understanding Your Customer’s Needs

When a business does not understand what their customers want or need, their innovation fails to create value. This generally comes from not knowing what problem their target market needs fixing. These companies have a lack of market orientation and can focus their attention too much on new tools and technologies, missing out on what their customers really desire.

They fail to perform market research and do not spend time on customer analysis and rely on assumptions. Some businesses fail to realise that their customer’s needs can change and focus only on what information they have had access to previously.

No Team Motivation

Your people are the heart of your organisation. If they are not motivated or inspired to innovate, how can you expect them to create value. It is the role of the business leader to foster innovative behaviours. If your team do not fully support your goals or objectives, then you will be unable to succeed. Invest in your people and make them feel valued, if you do not, they will not feel motivated to think innovatively.

An innovative culture is ‘where new ideas flourish, and where employees feel their voices are heard, their impact is felt, and their mark is left.’ To build a successful innovative culture you need to invest in your people.

To learn more about innovation, the different ways you can innovate and what other problems you may be facing, read our Innovation page.