Sustaining,Innovation,Your,Org business, insurance Sustaining Innovation in Your Organization Strategic Align
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What is at the top of every companys minds these days? Innovation.Fresh Ideas and innovative products have been tagged as the drivingforce behind creating a competitive advantage and, ultimately, companygrowth. Keeping your company on task in regards to your innovation isone of the most important factors that will help sustain long termgrowth. Project leaders should be encouraged to: Align Innovation and Business Strategies Oversee the Portfolio of the Total Innovation Effort and Track Progress Against ExpectationsThefirst step towards creating and sustaining an innovative environment inyour company is to make sure that your business strategies are in linewith the strategies and ideas you have for innovation. Strategic AlignmentThereare several challenges that companies face when attempting to aligntheir innovation strategies with their business goals. Technical/Feasibility Challenges companies experiencing thesechallenges are generally seeing increases in sales, volume and marketshare, but are losing earnings due to reduced profit margins.Executives can combat these losses with tools such as Six Sigma, LeanManufacturing, and re-engineering of the product or processes. Market Desirability Challenges this is generally manifested as highprofit margins but low sales and market penetration. By providingexpanding on existing services, offering new products, or expanding oncurrent services, companies can realize new markets while maintainingprofit margins. Brand Sustainability Challenge generallydefined as the challenge of maintaining high market share along withhigh profit margins, brand sustainability requires a large amount offocus and concentration from the brand executives. This can be achievedby developing product brands that can stand alone, similar to acommodity. Business Viability Challenge here, both profitsand market share are in decline, usually due to misplacement ormisbranding of the companys products. In order to right the ship andbecome profitable again, the company must choose a new target market,offer different or fewer costly benefits, or market themselves at adifferent point on the value chain. Check back shortly for the next article in this series: Growth Portfolio Management, where we will discuss effective portfolio management as a strategy for creating and sustaining innovation in your company.
Sustaining,Innovation,Your,Org