Fuelling Growth Through Innovation

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In the highly competitive business world of today, innovation is the key to survival and growth. In this age of cut throat competition, many companies are struggling to maintain their market share, but through successful innovation these companies can create a niche for themselves in the market. It can be achieved by launching an altogether new product, service, and creating a new production process, a new organisational structure or a new strategy to market its products. Whatever be the case, effective innovation management is important for success.

Individual innovation is a centrepiece of a number of new management techniques such as total quality management and Kaizen. Today, all reputable companies encourage employee participation in innovation and studies suggest that the maximum number of innovations come from individuals in an organisation. Person innovation process template can be seen in all companies that encourage individual innovation, and any employee is welcome to submit his ideas through this document. Most experts feel that individual innovation is better than group innovation because it requires a singular vision and a great idea that can normally come from an individual; this vision gets blurred in the collaborative approach. However, it is important that an person innovation process plan is created to gauge the viability and effectiveness of new ideas. The plan should encompass all the factors that should be taken into account while formulating, implementing and testing an idea.

Once you have an idea, it is extremely important that you create an individual innovation process plan. The plan should include five essential steps, and these steps include all the activities that should be carried out for successful innovation. The first step in this process is the evaluation of ideas. It includes the evolution, assessment and prioritisation of ideas. Then comes the plan and design phase where you actually give shape to your ideas. After this, you develop a test plan to implement the thought, and then you can create a test environment to monitor the performance of the idea. After testing, you can go ahead with the recommendations and launch the idea in test markets. This plan helps you to document the whole innovation process in an effective manner.

The individual innovation process template allows an innovator to document and submit innovative ideas. These templates should ideally include the innovator’s name, the innovation’s name and description, the market opportunity for the innovation, its strategic fit and feasibility of the idea. It is also important that you include some financial projections to make the report stronger.

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