Five Lessons on Successful Innovation

If businesses are going to stay close to their customers, they need to know how to drive innovation in a way that’s cost effective, focused and fast. In this article, Emma Riddell spoke to senior leaders to find out what it takes to get it right.

Key points include:

• Innovation is the lifeblood of businesses in the current environment of constant disruption.
• Failure needs to be acknowledged as a necessary by product of success, or innovation will be stifled.
• What’s crucial is that innovation is well thought out and aligned with business strategy.
• It’s important to create innovation hubs throughout an organisation.
• It is important to get people throughout a company to understand that, when they come up with a new idea, an investment appraisal should be part of the due-diligence process.