November 26, 2011 by admin
When developing an innovation strategy, it is important to discuss ways to innovate internal business procedures. Spend time brainstorming on the various steps in your internal business procedures and look for ways to simplify or eliminate steps to streamline those procedures.
However, before getting to the issue of innovating a business procedure, there’s a critical preliminary question: Is the procedure necessary?
I recently worked with a company that performs repair services on electronic appliances. The company had a detailed “inventory procedure” that was completed every morning before the store opened. The procedure required an employee to print a report of all “open” repair orders from the computer. Then, the employee handling the inventory procedure that morning checked to be sure that every appliance in for repair was actually in the store. The employee manually checked off each appliance on the list. Read the rest of this entry »
Tags: business procedure, business strategy, innovation strategy
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April 13, 2011 by admin
Identifying creative ideas is a great way to grow your business. Using innovation contests and other activities, your organization can and develop a culture of creativity that generates plenty of creative ideas. These creative ideas can be developed into innovations that provide considerable value to the business.
However, creating a list of innovative ideas is not enough. You must take action!
Here are several ways to start taking action:
1. Evaluate the ideas on your list. Get a group of people from different parts of your business (different job functions) and review the ideas submitted. Perform a cost-benefit analysis on the most promising ideas. Initially, look for ideas that can be implemented quickly and are likely to produce a significant result to the bottom line. Read the rest of this entry »
Tags: business ideas, business priorities, increasing revenue
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