ABOUT THE SESSION:
Aligning Innovation with Strategy: How to Maximize Programs to Meet Strategic Objectives –Built-in Instead of Bolted-on
Strategy is about achieving objectives, innovation is about solving problems. Clearly, we need to develop frameworks for innovation that are separate from, although compatible with strategy.Seems like such a no-brainer, but companies continue to struggle with the practicalities of maximizing their programs to meet their strategic objectives. What type of innovation does this apply to? This panel will discuss what that actually entails from focused idea generation, through designing the evaluation criteria designed to emphasize strategic concerns and to measuring idea viability according to strategic decisions based on accepted vision and shared datasets. We will hear how highly innovative companies insist on buy in from senior management, how to estimate the value that innovation should generate to meet financial-growth targets then how they quantify it and make it part of future strategic plans, that are cascaded down in the form of growth targets and performance targets. The pros and cons of designating an individual or to be responsible for the design and construction of the innovation engine and for ensuring all the pieces come together in one coherent system so employees are being trained, everyone has access to resources they need, customers and suppliers are plugged in, projects are funded and monitored, innovation is being measured – all in step with the corporate goals. How do you implement in step with the context and culture of the organization?