The Failures Companies Make When Trying to Innovate
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To innovate successfully you must avoid some of the mistakes that are explained here. In most cases, the failures incurred by organisations when they want to innovate have their origin in a more reactive than proactive corporate culture. They take too long to realise that they must change and adapt to the new demands of their markets.
Many of these companies have the capacity and the right people to carry out this process. However, they lack a flexible policy that allows them to adapt their structure to the new innovation processes.
Most frequent mistakes
These failures are summarised by four factors, ranging from the approach and vision of the business, to the structure and operation of the company. It doesn’t matter if it’s big, medium or small, most people make some of these mistakes:
- Excessive focus on the financial side.
- Not renewing the corporate culture.
- Create products from your perspective.
- Immobilism due to business success.
The infographic contains a brief summary of each of these points. They are interrelated with all areas and hierarchies of the company. General Management, Finance, Human Resources, R&D, Marketing and Operations must be aligned and have a clear vision of what it means to innovate and its raison d’être. If a small part of this chain does not go in the same direction or has any of the four points above deeply rooted, it may cause the project to fail.
These four perspectives or visions cause companies to make mistakes that flow down through all levels of the company. They spread and permeate, even in departments whose functions are opposed to these mandates.
If you are interested in knowing more about these points, in the following posts you will find each of them explained in more detail: