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4 Top Challenges in Executing Innovation Programs
Innovation is a critical driver of growth. To innovate effectively, it is crucial for any business to foster continuous idea generation. This ensures that a company consistently brings new and improved products and services to their customers while improving efficiencies and staying competitive.
Everyone talks about it, but so many fail to execute. Today more than ever, organizations are compelled to pivot their business strategy and re-align their priorities to adapt to the new normal.
Here are the top challenges professionals face when trying to execute innovation initiatives. Which ones are yours?
Lack of Instant and Complete Visibility
It has been proven that transparency promotes a firm’s innovative effort and efficiency by allowing optimal resource allocation. That means you not only need to understand project performance, but you also need to be able to quickly zoom in on intricate details and effortlessly retrieve information in order to prioritize projects and assess risks. This enhanced level of visibility helps management “fail fast,” by eliminating information gaps and delivering more resources to innovations on a path to success.
Are you currently:
- Having a hard time prioritizing tasks based on risk and business impact?
- Managing multiple spreadsheets to keep track of initiatives?
- Finding it hard to manage project updates and statuses?
- Unable to quickly review trends, milestones and project details?
Struggling to Execute on Innovation Initiatives
When organizations have difficulty executing on initiatives, productivity decreases, costs pile up and can impact profits. In order to contest unreliable and inefficient day to day project management, it is vital that companies optimize their management system, enable process improvement, and create customizable milestones.
Is your innovation initiative currently suffering from:
- Team wide confusion about their individual roles?
- Unfit virtual planning tools to meet your organization's needs?
- Problems fostering and promoting process or product improvement?
Difficulty Gaining Stakeholder Buy-In
When an organization has difficulty gaining stakeholder buy-in, the likelihood of an innovation coming to fruition goes down. Therefore, organizational leaders must learn how to overcome this issue in order to have continued success and growth in their company.
Are you currently experiencing:
- Lack of alignment between stakeholders and project leaders?
- Difficulty demonstrating ROI and value to the organization?
- Inability to quickly and easily report on project progress and KPIs?
Striving to Create a Measurable Culture of Innovation
In order to thrive in today’s climate, innovation is key for successful digital transformation. Innovation comes down to idea generation, organizational sponsorship and idea implementation – all of which require employee engagement.
Are you currently struggling to:
- Capture and evaluate diverse ideas across your organization?
- Adopt best practices and tools to solve key business challenges?
- Manage your project portfolio and notify team members on project status?
- Measure the success of your projects in real-time?
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