Note: Running most Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur’s Playbook page of the PKF Texas website.
Previously we talked about a recent study Forrester Consulting did for Microsoft on customer relationships and innovation.
During those studies some additional thoughts on innovation arose.
- Half of all managers surveyed chose cost reduction above all other benefits when asked to choose from a list of key innovation benefits.
- Innovation is primarily valued as a way to boost operational efficiency and enhance customer relationships.
- Companies may be missing the growth possibilities offered by strategic innovation.
- And while innovation may be a key benefit, most companies don’t tolerate failed innovation projects, which may also be limiting strategic innovation.
Ask yourself, what was or is our most strategic innovation project at my company? The answer may surprise you.