The LATE Innovation Business now-a-days keep innovation at the heart of the organisational strategy.New technologies and globalization are testing current business models in new ways. The Principle of innovation is universal and must be grown and nurtured within the organisation. The LATE principle of innovation is summarized as; 1. Listen: All successful companies ask for feedback from their stakeholders including staff, customers and suppliers. This information should be collected regularly and reviewed for opportunity to improve processes, products or services. 2. Ask – To get effective feedback, you have to ask tough questions – some of which you may not like the answers to.By addressing negative feedback, problems become opportunities and can help create competitive advantage. 3. Trust – Gaining the trust of your stakeholders is paramount to getting honest, valuable feedback that has the power to improve your business. 4. Timing – Timing is the most critical factor with innovation, you can’t be last to enter the industry and you don’t want to be first. Often the price of innovation is having to educate the market at your expense while your competitors leverage off your position. 5. Evolve – The final step to creating an innovative organisation is to create a culture of evolution and never rest on your last great product or service. Innovation must be part of your organisations culture. It must be led from the top and encouraged throughout the entire organisation. Visit pragationline
Posted on: Mon, 06 Oct 2014 03:06:57 +0000
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