Innovation:Tao for New Revenues

New age innovations practices these days includes a healthy practice of using the “Cloud” as every one knows is the essence for any form of online collaboration. You can see it everywhere, in its earliest form for customer relationship management, CRM, where Salesforce.com led the way a decade ago;  it is used by Human Resources for outsourcing verifications, for handling disputes, reviews; and for accounts payable, allows a real time view of the cash flow for all parties. For  innovating new products, services, and businesses, the cloud, is that omnipotent platform that large enterprises like Cargill have come to rely on for whose 130,000 employees have been engaged through technologies by Imaginatik to capture, funnel and filter the horde of good and some great ideas that in many cases have become notable revenue streams.  Before they implemented the software they clearly understood it is by no means a replacement for solid discipline and systems that are design for the company’s culture, people, and wherewithal. Still there are 10 Top predictors of future innovation success and are as follows:

1. Senior management, especially the CEO, has established and articulated profitable revenue growth as the core objective for the company.
2. Specific targets are established for each operating division and the company as a whole for how much of future revenues will come from new products and services (e.g., 30% of revenues will come from products and services introduced within the last 3 years).
3. Innovation and creativity are encouraged, recognized and rewarded for ALL employees, regardless of their titles or job descriptions.
4. Company policy allocates a minimum of 10% of each employee’s time to be spent on independent thinking and innovation/creative endeavors.
5. Every employee has a personal career development plan that is regularly revisited as part of performance reviews.
6. The primary function of HR is considered to be personnel development, not administering comp and benefits.
7. All employees must satisfy continuing education requirements throughout their careers.
8. Managers are rotated through different disciplines in the course of their career with the company.
9. Open innovation is the stated policy of the company.
10. There is a functional Chief Innovation Officer and Directors/VPs of Innovation in every SBU.