Strategic analyses are used when setting up an innovation strategy, such as the life cycle and experience curve analyses. This is because at the beginning of an innovation initiative it is important to start at the right place and to formulate clear expectations. The strategy is crucial in deciding whether a company will aggressively enter new markets or will defend existing markets.
Visionary strategies are the basis of a culture of innovation.
For a successful culture of innovation, three measures are necessary – detailed indicators are currently being researched:
- Empowerment of the employees to innovate,
- finding and retaining innovation-affine executives, as well as
- taking calculated risks.
The innovation approach we advocate fulfills the requirements for integration by equally valuing innovation, the integration of human capital, customer relations and operative excellence in implementation. These aspects are inextricably connected.
Technology still plays an important role; decisive for innovation, however, is the company culture as well as are motivated and mainly independently operating employees.
The challenge is not the technique itself – this is easily accessible – but the ability of the organization to use this technology to effectively and efficiently promote innovation.