Any innovation effort comprises of four areas:
- Idea collection
- Idea filtering and ranking
- Business Case preparation
- Idea Implementation
In order to do this we advocate the establishment of a dedicated, focused but independent team that is not affected by the need to deliver on the daily fire-fighting of normal operations.
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Much has been written recently on the subject of what to do about innovation in lean times. Many writers and bloggers all have a general idea of what to do, and many are advocating similar strategies such as cutting costs, focusing effort on quick-buck productivity and aggressively cutting out low-potential innovations.
Innovation and all other budgets, which are perceived to be less important to the survival instinct of companies in distress, are being cut. Champagne tastes that crept in during times of plenty, are being eliminated.
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