IN INNOVATION, TIME IS CRUCIAL. HOW CAN WE STOP WASTING IT?
Innovation is a race against time. You have to be quick to be a trailblazer and a trend-setter. One of the biggest challenges businesses focussing on creating innovative solutions face is to utilize the time they have to its maximum potential. You already know time is crucial. In this article, we share a hands-on practical guide to stop wasting it. The exclusive ingenious guide is created based on rounds of interviews with key innovation development heads working with top organizations across the globe. Follow along to put your time to their optimum use.
Technology Scouting: The Most Time-consuming Process
To fast-track innovation development processes in organizational setups it is important to identify the processes that consume the majority of “Time.” Research estimate, innovation departments take about half of their time scouting for new technology and matching solutions. There are already full-time experts at bigger corporations who are solely dedicated to Technology Scouting. On average businesses take about 3-4 months just scouting technologies before they can even push the button and get started with the next steps. You must understand that to expedite innovation development and effectively utilize your time, it is critical to focus on streamlining and optimizing your technology scouting process.
Striking The Right Balance
While technology scouting is time-consuming the innovation development has other critical components and the overall efficacy of your innovation development is very much impacted by how you balance your resources - consider time as one of the most limited resources.
Typically, 80% of business outcomes are produced by 20% of business activities. As such, it is important to know where and how to distribute your time. Scouting new technologies is crucial and it is important but what follows is equally important. Yes, technology transfer across the various departments should not be taken lightly and it takes both time and if not administered properly can be detrimental to development. Ideally, you should be spending 50% of your innovation development time to actively search for new technologies and the rest must be dedicated to seamless transfer and adoption.
Not Only About Technology Scouting And Transfer, Motivation Also Creates Momentum
Proper utilization of “TIME” as a limited resource is not only about sharpening your Technology Scouting process and ensuring speedy technology transfers, the company culture and motivation to adopt new technologies is highly important. Let’s say you have an innovative process after successfully finding a matching solution but your staff across departments are not motivated to learn and adapt to the newly incorporated innovative process. Despite all your efforts, you may end up spending more time in the dissemination and adoption of the technology if your employees and department heads are not motivated enough. The motivation factor amongst the employees also depends on the company culture. If you want to save time on innovation development within your organization, start creating a culture that is receptive to new technological advancements and is not statically reliant on the existing. One of the ways to create a favorable organizational culture is to make employees and department heads participate in adequately designed orientation programmes and events.
Maintaining The Momentum
Often a zealous start ends up in sluggish follow up. Many big organizations struggle with bureaucratic hurdles and table politics which delays critical decisions impacting the momentum of the entire innovation development process within the organization. It is also detrimental to the company’s innovation culture. These shortcomings are critical and very important because unlike other problems, these don’t have a plug-and-play solution. It has to be inculcated and promoted by those in key positions. Realizing the need and creating a strategy to ensure the necessary momentum is created and maintained can be a starting point.
Time is of essence in all innovation development processes. It is a finite source. Time management within the innovation department is one of the biggest challenges. Get the best technology scouting solutions, adopt lean technology transfer methods, create a culture of innovation within your organization, expedite decision making, eliminate red tapism, and be vigilant to maintain the momentum to ensure the best possible utilization of the limited time resource.
Get the Mastering Technology Scouting Guide
Innovation runs fast. Every year thousands of new solutions come to light. Nevertheless, it is acceptable to spend months in finding a unique technology solution matching a company's needs and even years in achieving the adoption of the technology. But with the large pool of technologies available on the market, why does it need such an enormous amount of time to find matching solutions? Download the Mastering Technology Scouting Guide - and we will show you how to boost your innovation process.