It's time companies take another look at how they manage innovation.
What does innovation mean? It used to relate mainly to products, and that's still important. But over the last decade or so, businesses have been putting more and more emphasis on innovating new services and business models as well. In light of this, it’s time companies take another look at how they manage innovation.
Innovation is one of the least well-managed areas in most companies,says David Midgley, a marketing professor at INSEAD and author of The Innovation Manual. “This leads to wasted resources and costly mistakes. It’s not the effort that companies put into innovation that decides success. Instead it is how firms go about doing innovation that separates leaders from the rest.”
[This article is republished courtesy of INSEAD Knowledge, the portal to the latest business insights and views of The Business School of the World. Copyright INSEAD 2024]