Every three to five years the map of the world in terms of innovation is redrawn as organizations change strategic direction, bring in new leaders and/or respond to market threats and opportunities. Three important considerations when repositioning or reevaluating a corporate innovation program include its mission, goals and objectives, where it’s located within the organization and the key capabilities it provides to the organization and its extended set of employees, partners, customers and stakeholders.
In prior articles, I’ve addressed how to think about where innovation programs reside within the business, and about fine-tuning an existing corporate innovation program for digital transformation in order to readjust the sights squarely on digital business. In this article, I’ll cover the third consideration in terms of the key capabilities a corporate innovation program should provide.
Just like any other corporate program, the key elements need to include strategy and intent, people, process and technology. Your innovation program should also address the highly interrelated internal and external aspects of managing innovation and extend across employees, partners and customers.
Here’s five critical pillars of innovation management capability that I believe need to be a part of any large-scale initiative:
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