For Halloween: The Tricks to Get Innovation Treats
Create a vendor selection project & run comparison reports
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
29 October 2014Michael Fitzgerald
Innovation is not witchcraft but, when done successfully, there is a touch of magic. The magic happens when innovation becomes “part of the way we do things around here” (read: corporate culture). When people across the firm approach their jobs constantly through the lens of “how do I change my job so that I deliver more value to my customers?”, magic can happen. We discussed this in a webinar this week (Innovation in Insurance: Differences across Continents). The point was made that there are specific actions (tricks!) that prepare a corporate environment for magic. Specifically:
- Establish a common language around innovation; what is it? what is it not?
- Revise reward systems, especially around encouraging “fail fast” behaviors
- Develop a communication plan around innovation - leverage Corporate Communication expertise to sustain a messaging effort around innovation
- Tune existing governance structures to handle innovation initiatives differently than run-the-business projects