Monday, May 08, 2006

Today's plan for future success: Commit to innovation!

BusinessWeek recently published their annual report on the world's most innovative companies, reporting on findings including the results of a survey of 1,000 corporate executives. The extensive coverage, informative illustrations and slide shows present a view of innovation from all business angles, rendering this bottom line clear: Innovation pays off abundantly for well-managed companies with astute leaders.

Here are a some of the more interesting conclusions from the coverage, in my humble opinion -- culled from the slide show, "Innovative Writing on Innovation."
1. Though there's no one "cure all" approach to innovation, many companies are benefiting from using open-source-type approaches to the development aspects of their operations.
2. Innovation must be fully embraced in order to be effective -- beginning with top management, and emphasized to virtually every member of an organization.
3. Tracking the results of innovation is a unique challenge for every company... but the rewards are vast, including protection from issues that can topple short-sighted businesses, and greater chances for sustainable, long-term success.
4. Addressing innovation as a factor in business requires skilled management, and design-savvy marketing partners are becoming increasingly valuable in creating and executing results-oriented battle plans.
5. Customer feedback is a staple of innovation. Tune in, turn it on and reach out.