You might have heard the phrase 'the whole is greater than the sum of its parts, so it goes with Innovation Management. Collaboration across various manufacturing industries can give birth to solutions through sharing ideas, research, and strategies. Understanding the ecosystem of innovative solutions around your production can achieve a lot in terms of savings in cost, time, and leverage. Partnerships in development and reaching beyond the confines of your business problem will reap the rewards for all parties. In today's episode, I want to discuss innovation management from a holistic point of view. I ask you important questions about your product portfolio, your product network, and how innovation should align with corporate strategy. I explain why innovation management shouldn't be siloed in any individual organization or department – it is a global enterprise. I reveal how innovative solutions for the aerospace and defense industry have derived from companies who also supply similar solutions to the bagging of potato chips. I also discuss the number one driver of innovation that separates success from failure.
"An ecosystem really runs a couple of different ways. First of all, who are my partners that are going to help me develop something new? It might be universities that I'm going to work with. It might be partner organizations that we routinely work with. It might be startups."
– Paul Heller
"When we think about holistic innovation management, let's just spend a moment talking about what the components are of that. What the scope of that is. Road-mapping and strategic planning. What technologies do we have? What technologies do we need to develop?
– Paul Heller
"Ideation is a necessary component of innovation management."
– Paul Heller
"None of us have one product. We have multiple products. And so now we're dealing with a portfolio. It might be a small portfolio or might be a portfolio of tens of thousands of products."
– Paul Heller
"Another final aspect to holistic innovation management is the reporting and dashboards that the organization needs to put in place to understand what type of innovation it's doing and where it's doing it."
– Paul Heller
This week on Innovation Talks:
- Why Innovation Management is a global enterprise
- What you should be looking for in terms of cross-industry collaboration
- How a nitrogen technology solution crossed from food packaging to jetplanes
- Why you should road-map your innovation path with strategic planning
- What dashboards your product needs to monitor and understand its innovation process
- The balance you need between corporate strategy and innovation
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