By Ranjeet Laungani, VP and Innovation Practice Leader, Nielsen India
Most accomplished business leaders would agree that developing the next big thing is a sure-fire way to drive shareholder value. Innovations allow businesses to reach new consumers and gain relevance in newer markets. Innovative organizations are not only valued by the markets, they invariably attract the best talent and supply chains. Yet most businesses struggle to stand out as innovators. In fact, more new products fail than succeed within one year after launch.
Businesses that have failed to deliver successful innovations weren’t successful in focusing on what matters most— the innovation process. If your innovation process can’t keep up, then how will your business? An organization is only as innovative as its end-to-end innovation process. Staying the course during the process is critical, so here are a few strategies to consider that will clear your path and keep you on track: expand your view, focus on demand, and follow through.