Why 94% of Executives Are Dissatisfied With Company Innovation Part 1 of 2
I recently read a Harvard Business Review article titled, “Breaking Down the Barriers to Innovation,” and it shed light on three things.
- Companies spend billions of dollars on innovation, and 94% of executives are dissatisfied with their firms’ innovation performance.
- Innovation doesn’t mean mere inventiveness. It means “something different that creates value.” It’s not limited to new product development. And it includes Process as a function of innovation.
- The underlying reason why companies fail at innovating lies in the day-to-day routines and rituals that stifle innovation.
Process Driven Innovation
When it comes to innovation, business PROCESSES are often overlooked as a function of innovating. Here’s an example of how the lack of this simple and familiar experience creates a dysfunctional and frustrating work environment— most companies don’t have a standardized way to document and share meeting notes. A process, if implemented, could eliminate a lot of wasted time, money, energy, and IP.
You walk into a meeting; one person has a pad of paper and a pen, another their phone, another a stylus and their tablet, and another a laptop — just a few ways people document notes, right?
You’ve experienced this. Let’s consider how “something different that creates value” could bring an innovative solution to this simple knowledge management problem.
Enter collective and collaborative note-taking so that notes never get misplaced and they available to everyone when they need it most.
- Step One — Create a Workspace
Sign into bnotes.co and click “Create New Workspace” then give the ‘space a name like “Oracle or Community Foundation.”
2. Step Two — Invite members to the Workspace.
Send invites via email address to people that you would like to join the Oracle workspace.
3. Step Three — Create a Channel and share notes
Click the plus button next to “Channels,” give the channel a name like “Marketing Meetings” and start sharing notes.
In the example above, notes have a home and everyone stays on the same page. It’s simple, but why is it so hard for people to adopt this process?
In part 2 of Why Executives Are Dissatisfied With Company Innovation I will speak to the impacts of number 3, “The underlying reason why companies fail at innovating lies in the day-to-day routines and rituals that stifle innovation.”
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