Organizational Behaviors that Drive Innovation
Did you know that innovation touches all areas of the business – not just product development? It contributes to information technology, sales, marketing/branding, organizational work style, customer service and more.
While growing your market share and increasing revenues are certainly important goals, they cannot be the end-all be-all for your business. Innovation leaders shift their focus to other areas of emphasis. They choose to make many small changes rather than grand, sweeping changes. They seek to create new revenue sources, innovate products and create new business models. At the end of the day, innovation behaviors drive better results.
How Innovative is your Organization?
Where do you stand in comparison to your peers? Are you an innovation leader or laggard? Before you can make improvements, it’s important to know where you currently stand. The Innovative Organization Index (commissioned by Ricoh) is a tool that will rate your organization on an innovation scale, benchmark against your peers and provide essential guidance on how to become more innovative and improve your business outcomes.
The tool is easy to use and can provide valuable insight into your organization's innovation practices. Answer a few questions regarding your business strategy, the outcomes that you value, company image and culture and the role of technology in your organization. You’ll receive a detailed analysis of your innovation rating – including peer comparison by industry, organization size and region, business performance gap analysis and essential guidance to help your organization on its path to innovation leadership.
Every Company Can Realize the Benefits of Innovation
Once you know where you stand, it’s time to learn the methods of innovation leaders. A recent IDC study commissioned by Ricoh explored best practices in innovation. While many executives recognize the importance of innovation, only 14% actually realize significant business benefit from innovation behaviors. The reason why is simple: most executives have a broad understanding of innovation but lack the specific knowledge to drive real results.
For example, true innovation moves from the bottom up – unlike strategy, which moves from the top down. Companies that pursue bottom-up innovation experience 24% higher revenue growth and 17% higher profit margins than top-down innovators. Type of business doesn’t matter. What matters across the board is understanding what the best practices are.
Investing for Innovation Success
Once you learn best innovation practices, you may be ready to jump right in. When it comes to innovation investments, however, quality outweighs quantity. The type of projects you invest in matters more than how much you invest. The Ricoh commissioned IDC study found that the technology investments that most support innovation include unified communications, mobile device support for core business, workflow automation, electronic whiteboards and more.
There is a substantial gap in technology use between innovation leaders and those who are falling behind. In fact, companies that use a variety of best-in-class information technologies are better equipped to meet today’s business challenges. With the right mix of technologies, you can support innovation success.