Lo and Behold! Steps WE follow to Successful Innovation

                                                                                              – Sagarika Kumar 

Before we get into the steps between Ideation and Innovation, let us understand what innovation management is. Innovation management can consistently differ from business to business, what might work for one, may not work for another. If you Google “innovation management” this is what you’ll get –    

“Innovation management process is A systematic approach for generating, prioritizing, evaluating, and validating new ideas, as well as putting them into practice.”   

So, one of the most common question these days, “how to get from Ideation to Innovation?” even though there is no set way of Innovation Management, We at FIO Labs outlined a six-step approach to embrace and harness Innovation within your companies – A structured approach towards getting more creative and sustainable ideas through planning and development.   

Ideation

Innovation can be promoted or self-driven. At the center of most successful innovations is a personal drive to innovate. Most Innovators commonly face risks and battels; to balance this, it is essential to align your motivation and passion with professionals. Coming up with good ideas takes practice, it’s like a muscle, and like any muscle, it gets weaker through less activity and stronger through proper exercises.  

Selection 

Predicting the needs of what your customer needs, to understand which “innovative idea” will be successful in the marketplace. Conducting BETA tests on already existing customers is a great way to go through the selection process of an innovative idea.  

Piloting

This is necessary as, by definition, innovative ideas are untested, so how do we really know that a creative idea is innovative. Piloting an innovative product or services can help us understand how we should and can tweak it to make it a profitable innovation, consumers will accept that.   

User Feedback

“The customer is always right!” many of us have heard this phrase when it comes to business. The customer’s feedback is the first thing that needs to be considered by the company, and this allows the company to fix issues, if any, and think of a vision for future developments.  

Commercialize and Scale

Once the company reaches the commercializing stage, it should use the customer’s feedback to verify whether or not the Innovation is worth scaling and if it actually solves their problem. Also, it should analyze the benefits, costs, and profitability before rolling out the Innovation. The Commercializing stage is the important one as an invention is called an innovation if and when it has been commercialized.   

Continuous Improvement

Once the idea turns into an INNOVATION, it’s time to infiltrate and continuously improve the Innovation.   

The bottom line is Innovation is a continuing journey—there are numerous steps involved in this process to learn the plan and build. 

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