Three factors guide successful innovation: feasibility, desirability and viability. Fail to consider all three and you may be likely to fail.
On the face of it, it may seem that innovation and process do not sit well together. However, a well-managed process will actually improve innovation. AJ van Bochoven, Head of Strategic Innovation, discusses how process can free-up teams to focus on what’s important.
Whilst it’s vital to understand whether an innovation breaks the laws of physics, considering its technical feasibility alone may waste time and effort. To establish whether an innovation is going to be successful, we need to also evaluate customer desirability (will they want it?) and commercial viability (is it right for the company to pursue?) – all three have to work hand-in-hand. Having an innovation process that provides the right degree of challenge against these factors at the right time enables the team to focus on the ideas that have the best chance of success and gives options for rapidly changing direction, or pivoting, to manage identified risk.