Where is the value of innovation? If you ask business leaders to define value, you are going to get a dizzying variety of answers. Why is it so hard to define the term? Value means different things to different people. The definition depends on what they see as value in their organization. Finding value in innovation is equally elusive. Applying a value to innovation can be difficult for many organizations.
Understanding Value of Innovation
Understanding the value of innovation is like any other process. An organization needs vision and a clear understanding of their values and mission. Innovation begins with a idea or a vision of where an organization would like to be and what the path looks like to get there. In the beginning, the true value of innovation will only be perceived. That perception though, is a powerful force that moves the innovative idea forward. Never underestimate the value of perception with innovation. It creates possibilities and fires imaginations. Perception creates visions of excellence and success. As momentum builds moving the idea forward, measurable results begin to develop. Organizations then can begin to compare performance data, benchmarking against established best practices. Now, real value can start to be applied to innovation. As innovations grow and ages, real value can be assessed and applied. Organizations will suddenly find that the innovation is resulting in continuous quality improvement.
Inspiration That Produces Value
Organizations that embrace and encourage true innovation, reap the benefits on so many levels. They are willing to put forward new ideas and ways to create value for the organization, without fear of failure. These organizations understand that value in innovation exists not only in perception but also in measurable results. One hidden value of innovation is the change in culture. The culture of an organization begins to change in the perception period of innovation because people believe and are inspired. Perception can create excitement and faith in the innovative creation. They develop a strong vision of what is possible. As things mature, these beliefs then are quantified and qualified through measurable results. The energy created encourages more innovative ideas to be brought forward and executed. Innovation creates vision, hope and faith in what is possible and what the organization can achieve!